Form 41a765(I) - Kentucky Partnership Income And Llet Return Instructions - 2012
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20765
41A765(I) (11-12)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS
2012 KENTUCKY PARTNERSHIP
INCOME AND LLET RETURN
PURPOSE OF INSTRUCTIONS
HOW TO OBTAIN ADDITIONAL FORMS
Forms and instructions are available at all Kentucky Taxpayer
These instructions have been designed for Kentucky partnerships
Service Centers (see page 16). They may also be obtained
that afford their partners or members, through function of the
by writing FORMS, Department of Revenue, 501 High Street,
laws of this state or laws recognized by this state, protection from
Frankfort, KY 40601–2103, or by calling (502) 564-3658. Forms
general liability for actions of the entity. These partnerships are
can be downloaded from
required by law to file a Kentucky Partnership Income and LLET
Return (Form 765).
Refer to the chart on page 2 to determine what tax form your
business needs to file.
KENTUCKY TAX LAW CHANGES
2012 Regular Session of the General Assembly
for economic development incentives by the Commonwealth
related to one (1) or more of its facilities.
HB 246 – Provisions effective July 12, 2012
HB 441—Provisions effective July 12, 2012
Metropolitan College Tax Credit—KRS 141.381 was amended
to extend the expiration date of the Metropolitan College tax
Limited Cooperative Associations—KRS Chapter 272A was
credit from April 15, 2013, to April 15, 2017.
created to allow an entity to organize as a limited cooperative
association. Section 8 of HB 441 provides that for purposes
HB 341—Provisions effective July 12, 2012
of KRS 141.0401, each limited cooperative association with
investor members shall be treated as a limited liability pass-
Statutory Trusts—KRS Chapter 386A was created to allow an
through entity, except to the extent of patronage activities
entity to organize as a statutory trust or a series statutory trust.
or dividends. A limited cooperative association shall have
Section 5 of HB 341 provides that for purposes of KRS 141.0401,
perpetual existence unless the articles of association state a
each statutory trust and foreign statutory trust and each series
term for the limited cooperative association’s existence, and
of a series statutory trust or a foreign series statutory trust shall
affords its members protection from general liability. Section
be treated as a limited liability pass-through entity. A statutory
5 of HB 441 provides that a limited cooperative association
trust has perpetual existence and affords its beneficial owner
may be organized for any lawful purpose, whether or not for
and trustee protection from general liability. A statutory trust
profit.
may have one or more series and each series shall be separate
for all purposes including general liability.
HB 444—Provisions effective for tax years beginning on or
after January 1, 2010
Section 18 of HB 341 provides that a statutory trust may be
organized for any lawful purpose, except a statutory trust
Qualified Air Freight Forwarders—KRS 141.121 was amended to
may not: (i) have a predominantly donative purpose; or (ii)
provide that a qualified air freight forwarder’s apportionment
be organized for the purpose of rendering a professional
factor shall be determined as follows: (i) the property factor
service.
shall be determined as provided in KRS 141.120(8)(a); (ii) the
payroll factor shall be determined as provided in KRS 141.120(8)
HB 400—Provisions effective July 12, 2012
(b); and (iii) the sales factor shall be determined as provided
in KRS 141.120(8)(c), except freight forwarding revenues shall
Kentucky Job Retention Agreements—KRS 154.25-010 was
be included in the numerator of the sales factor by multiplying
amended to expand eligible companies to include North
the freight forwarding revenues by a fraction, the numerator
American Industry Classification Codes: 325211, 325510,
of which is miles operated in Kentucky by the affiliated airline
326199, 327211, 327212, 327215, 331111, 331221, 331521, 332312,
of the qualified air freight forwarder and the denominator of
332813, 33299, 335110, 335911, 335912, 423510, 493110, 541614,
which is the total miles operated by the affiliated airline of the
551114, and 561439. An eligible company must: (i) employ a
qualified air freight forwarder.
minimum of one-thousand (1,000) full-time persons engaged
in automobile or automobile parts or supplies manufacturing;
HB 539—Provisions effective July 12, 2012
(ii) have been operating within the Commonwealth on a
continuous basis for at least five (5) years preceding the request
Kentucky Industrial Revitalization Act—KRS 154.26-010 was
for approval by the Kentucky Economic Development Finance
amended to allow a supplemental project during the term of
Authority of the project which meets the standards set forth
a previously approved Kentucky Industrial Revitalization Act
in KRS 154.25-020; and (iii) have been previously approved
project. A supplemental project eligible company means an
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