Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 Page 17
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76Line 2, Kentucky Small Business Investment Credit—For
taxable years beginning after December 31, 2010, a small
SECTION A—BUSINESS INCENTIVE AND OTHER TAX
business may be eligible for a nonrefundable credit of up
CREDITS
to one hundred percent (100%) of the Kentucky income
Line 1, Nonrefundable Limited Liability Entity Tax Credit (KRS
tax imposed under KRS 141.020 or 141.040, and the limited
141.0401(2))
liability entity tax imposed under KRS 141.0401.
An individual that is a partner, member or shareholder of
The small business development credit program authorized
a limited liability pass–through entity is allowed a limited
by KRS 154.60-020 and KRS 141.384 was amended to allow
liability entity tax (LLET) credit against the income tax imposed
the credit to apply to taxable years beginning after Dec. 31,
by KRS 141.020 equal to the individual’s proportionate share
2010. The definition of base year for purposes of the credit
of LLET computed on the gross receipts or gross profits of
computation was changed to the first full year of operation
the limited liability pass–through entity as provided by KRS
that begins on or after Jan.1, 2009 and before Jan. 1, 2010.
141.0401(2), after the LLET is reduced by the minimum tax
of $175 and by other tax credits which the limited liability
Small businesses are eligible to apply for credits and receive
pass–through entity may be allowed. The credit allowed an
final approval for these credits one (1) year after the small
individual that is a partner, member, or shareholder of a
business:
limited liability pass-through entity against income tax shall
be applied only to income tax assessed on the individual’s
•
Creates and fills one (1) or more eligible positions over
proportionate share of distributive income from the limited
the base employment, and that position or positions are
liability pass–through entity as provided by KRS 141.0401(3)
created and filled for twelve (12) months; and
(b). Any remaining LLET credit shall be disallowed and shall
not be carried forward to the next year.
•
Invests five thousand dollars ($5,000) or more in
qualifying equipment or technology.
Nonrefundable Kentucky limited liability entity tax credit
The small business shall submit all information necessary to
(KRS 141.0401(2))—The credit amount is shown on Kentucky
the Kentucky Economic Development Finance Authority to
Schedule(s) K–1 from pass-through entities (PTEs) or Form(s)
determine credit eligibility for each year and the amount of
725 for single member limited liability companies. Copies of
credit for which the small business is approved.
Kentucky Schedule(s) K-1 or Form(s) 725 must be attached
to your return.
A small business that is a pass-through entity not subject
to the tax imposed by KRS 141.040 and that has tax credits
Kentucky Limited Liability Entity Tax Credit Worksheet
approved under Subchapter 60 of KRS Chapter 154 shall apply
the credits against the limited liability entity tax imposed by
Complete a separate worksheet for each LLE. Retain for your
KRS 141.0401, and shall also distribute the amount of the
records.
approved tax credits to each partner, member, or shareholder
based on the partner’s, member’s, or shareholder’s distributive
Name __________________________________________________
share of income as determined for the year during which the
tax credits are approved.
Address ________________________________________________
The maximum amount of credits that may be committed
FEIN ___________________________________________________
in each fiscal year by the Kentucky Economic Development
Finance Authority shall be capped at three million dollars
Percentage of Ownership ....................... ______________ %
($3,000,000).
1. Enter Kentucky taxable income
The maximum amount of credit for each small business
from Form 740, Line 11 ...................... ________________
for each year shall not exceed twenty-five thousand dollars
2. Enter LLE income as shown
($25,000). The credit shall be claimed on the tax return for
on Kentucky Schedule K-1
the year during which the credit was approved. As per KRS
or Form 725 ........................................ ________________
141.0205, individuals entitled to this credit will claim the
3. Subtract Line 2 from Line 1 and
credit on Line 2, Section A – Business Incentive and Other
enter total here ................................... ________________
Tax Credits.
4. Enter Kentucky tax on income
amount on Line 1 ................................ ________________
Unused credits may be carried forward for up to five (5)
5. Enter Kentucky tax on income
years.
amount on Line 3 ................................ ________________
6. Subtract Line 5 from Line 4. If Line 5
Line 3, Skills Training Investment Tax Credit—Enter the
is larger than Line 4, enter zero.
amount of credit certified by the Bluegrass State Skills
This is your tax savings if income
Corporation. A copy of the Kentucky Schedule K-1 for the
is ignored ............................................ ________________
year the credit was approved must be attached to the return
7. Enter nonrefundable limited liability
in the first year the credit is claimed. The excess credit over
entity tax credit (from Kentucky
the income tax liability in the year approved may be carried
Schedule K-1 or Form 725) ............... ________________
forward for three successive taxable years. For information
8. Enter the lesser of Line 6 or Line 7.
regarding the application and approval process for this credit,
This is your credit. Enter here and
contact the Cabinet for Economic Development, Bluegrass
on Form 740, Section A, Line 1 ......... ________________
State Skills Corporation at (502) 564-2021.
15
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