Form 41a765(I) - Kentucky Partnership Income And Llet Return Instructions - 2011 Page 2
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20New Markets Development Program Tax Credit – KRS 141.432
may be made in the business, on a collective basis with all of
to 141.434 was created to encourage taxpayer investment in
its affiliates, with the proceeds of qualified equity investments
qualified low-income communities. A taxpayer that makes a
that have been certified under KRS 141.433 shall be $10 million,
qualified equity investment as provided by KRS 141.432(7) in a
whether made by one or several qualified community develop-
qualified community development entity as provided by KRS
ment entities.
141.432(6) shall be entitled to a nonrefundable tax credit against
The amount of the credit shall be equal to 39% of the purchase
the taxes imposed by KRS 141.020, 141.040, 141.0401, 136.320,
price of the qualified equity investment made by the taxpayer.
136.330, 136.340, 136.350, 137.370, 136.390 or 304.3-270. The
A taxpayer is allowed to claim zero percent (0%) for each of
total amount of tax credits that may be awarded by the depart-
the first two credit allowance dates, seven percent (7%) for the
ment shall be limited to $5 million. “Qualified low-income com-
munity investment” means any capital or equity investment in,
third allowance date, and eight percent (8%) for the next four
allowance dates. “Credit allowance date” means with respect
or loan to, any qualified active low-income community busi-
to any qualified equity investment: (a) the date on which the
ness made after June 4, 2010. With respect to any one qualified
investment is initially made; and (b) each of the six anniversary
active low-income community business, the maximum amount
of qualified active low-income community investments that
dates of that date thereafter.
FILING FORM GUIDE
Kentucky Form and Tax
Corporation
Form
Income
Type of Entity
Required
Tax
LLET
1. C corporation
720
Yes
Yes
2. C corporation (consolidated group as provided by
KRS 141.200(4))
720
Yes
Yes
3. C corporation (nexus consolidated group as provided
by KRS 141.200(11))
720
Yes
Yes
4. Publicly traded partnership (taxed as a corporation
for federal income tax purposes)
720
Yes
Yes
5. S corporation
720S
Yes *
Yes
6. Single member limited liability company whose
single member is an individual
725
No
Yes
7. Limited liability company (two or more members)
765
No
Yes
8. Limited partnership
765
No
Yes
9. Limited liability partnership
765
No
Yes
10. General partnership
765-GP
No
No
11. Publicly traded partnership (taxed as a partnership
for federal income tax purposes)
765-GP
No
No
* If the S corporation has b uilt-in gains, passive investment income or installments of tax on the recapture
of LIFO benefits as provided by KRS 141.040(14).
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