Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 Page 18
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76Line 4, Nonrefundable Certified Rehabilitation Credit—This
Credit for Taxes Paid to Other State Worksheet
credit is available to owner–occupied residential and
Kentucky residents/part-year residents only. Complete a
commercial preservation projects for structures that are listed
separate worksheet for each state. See instructions for Form
in the National Register of Historic Places, or in a National
740, Section A, Line 5.
Register historic district, up to $3 million annually. The credit
is 30 percent of certified rehabilitation expenses for owner–
TIP—Credit for taxes paid to another state may
occupied residential properties, not to exceed $60,000 per
be reduced or eliminated if gambling losses
project, and 20 percent for commercial and income-producing
are claimed on Schedule A.
properties. To qualify, an owner must spend at least $20,000
Name of other state ......................................
on rehabilitation.
1. List Kentucky taxable income from
Individuals or businesses can apply the credit against their
Form 740, Line 11 .................................. ________________
state income tax liability, carry the credit forward up to
2. List any gambling losses from
seven years or transfer it to a banking institution to leverage
Schedule A, Line 29 .............................. ________________
financing. For applications submitted on or after April 30,
3. Add Lines 1 and 2 and enter
total here ................................................ ________________
2010, the credit shall be refundable if the taxpayer makes
4. List income reported to other state
an election under KRS 171.397(2)(b). For more information
included on Kentucky return ................ ________________
regarding this credit, visit the Kentucky Heritage Council’s
5. Subtract Line 4 from Line 3 and
Web site at , or call (502) 564–7005.
enter total here ...................................... ________________
6. Adjusted gambling losses. Compute
Line 5, Credit for Tax Paid to Another State—Kentucky
gambling losses allowed on Kentucky
return if income from other state is
residents are required to report all income received including
ignored ................................................... ________________
income from sources outside Kentucky. Within certain
7. Subtract Line 6 from Line 5 and
limitations, a credit for income tax paid to another state may
enter total here ...................................... ________________
be claimed. The credit is limited to the amount of Kentucky
8. Enter Kentucky tax on income
tax savings had the income reported to the other state
amount on Line 7 .................................. ________________
been omitted, or the amount of tax paid to the other state,
9. Enter Kentucky tax on income
whichever is less.
amount on Line 1 .................................. ________________
10. Subtract Line 8 from Line 9. This is
the tax savings on return if other
You may not claim credit for tax withheld by another state.
state’s income is ignored ..................... ________________
You must file a return with the other state and pay tax on
11. Enter tax paid to other state on
income also taxed by Kentucky in order to claim the credit.
income claimed on Kentucky return .... ________________
A copy of the other state’s return including a schedule of
12. Enter the lesser of Line 10 or Line 11.
income sources must be attached to verify this credit. If you
This is your credit for tax paid to
owe tax in more than one state, the credit for each state must
other state. Carry this total to
be computed separately.
Form 740, Section A, Line 5 ................. ________________
Line 6, Employer’s Unemployment Tax Credit—If you hired
Reciprocal States—Kentucky has reciprocal agreements with
unemployed Kentucky residents to work for you during the
specific states. These agreements provide for taxpayers to
last six months of 2011 or during 2012, you may be eligible
be taxed by their state of residence, and not the state where
to claim the unemployment tax credit. In order to claim a
income is earned. Persons who live in Kentucky for more
credit, each person hired must meet specific criteria. For
than 183 days during the tax year are considered residents
each qualified person, you may claim a tax credit of $100.
and reciprocity does not apply. The states and types of
The period of unemployment must be certified by the Office
exemptions are as follows:
of Employment and Training, Education Cabinet, 275 East
Illinois, West Virginia—wages and salaries
Main Street, 2-WA, Frankfort, KY 40621-0001, and you must
maintain a copy of the certification in your files. A copy of
Indiana—wages, salaries and commissions
Schedule UTC must be attached to your return.
Michigan, Wisconsin—income from personal services
Line 7, Recycling and/or Composting Tax Credit—Individuals
(including salaries and wages)
who purchase recycling or composting equipment to be
Ohio—wages and salaries. Note: Wages which an S
used exclusively in Kentucky for recycling or composting
corporation pays to a shareholder–employee if the
postconsumer waste materials, are entitled to a credit
shareholder–employee is a “twenty (20) percent or
against the tax equal to 50 percent of the installed cost of the
greater” direct or indirect equity investor in the S
equipment pursuant to KRS 141.390. Application for this credit
corporation shall not be exempt under the reciprocity
must be made on Schedule RC, which may be obtained from
agreement.
the Department of Revenue. A copy of Schedule RC and/or
Virginia—commuting daily, salaries and wages
Schedule RC (K-1) reflecting the amount of credit approved by
the Department of Revenue must be attached to the return.
Kentucky does not allow a credit for tax paid to a reciprocal
state on the above income. If tax was withheld by a reciprocal
Line 8, Kentucky Investment Fund Tax Credit—Limits on
state, you must file directly with the other state for a refund
Kentucky Investment Fund Act (KIFA) Credits—An investor
of those taxes.
whose cash contribution to an investment fund has been
certified by the Kentucky Economic Development Finance
Authority (KEDFA) is entitled to a nonrefundable credit
against Kentucky income tax equal to 40 percent of the cash
contribution. For investments before July 1, 2002, the amount
16
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