Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 Page 19
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76of credit that may be claimed in any given year is limited
income tax imposed by KRS 141.020, KRS 141.040 or KRS
to 25 percent of the total amount certified by the Kentucky
141.0401 on the income of the approved company generated
Economic Development Finance Authority (KEDFA). For
by or arising out of a project as determined under KRS 154.48-
020. An “environmental stewardship product” means any new
investments after June 30, 2002, the credit is claimed on the
tax return filed for the tax year following the year in which the
manufactured product or substantially improved existing
manufactured product that has a lesser or reduced adverse
credit is granted and is limited in any tax year to 50 percent
of the initial aggregate credit apportioned to the investor.
effect on human health and the environment or provides for
Attach a copy of the certification by KEDFA in the first year
improvement to human health and the environment when
claimed. Any excess credit may be carried forward. No credit
compared with existing products or competing products that
may extend beyond 15 years of the initial certification.
serve the same purpose. A company must have eligible costs
of at least $5 million and within six months after the activation
Line 9, Coal Incentive Tax Credit—A company that owns and
date, the approved company compensates a minimum of 90
operates an alternative fuel facility or a gasification facility as
percent of its full-time employees whose jobs were created
defined in KRS 154.27-010 may be entitled to a coal incentive
or retained base hourly wages equal to either: (1) 75 percent
tax credit. Application for this credit is made on Schedule
of the average hourly wage for the Commonwealth; or (2) 75
CI, Application for Coal Incentive Tax Credit, and a copy of
percent of the average hourly wage for the county in which
the credit certificate issued by the Kentucky Department of
the project is to be undertaken. The maximum amount of
Revenue must be attached to the return on which the credit
negotiated inducement that can be claimed by a company for
is claimed.
any single tax year may be up to 25 percent of the authorized
inducement. The agreement shall expire on the earlier of
Line 10, Qualified Research Facility Tax Credit—A
the date the approved company has received inducements
nonrefundable credit is allowed against individual and
equal to the approved costs of its project, or 10 years from
corporation income taxes equal to 5 percent of the cost
the activation date. For more information, contact the Cabinet
of constructing and equipping new facilities or expanding
for Economic Development, Old Capitol Annex, 300 West
or remodeling existing facilities in Kentucky for qualified
Broadway, Frankfort, KY 40601.
research. “Qualified research” is defined to mean qualified
research as defined in Section 41 of the IRC. Any unused
KRS 141.430 was amended to provide that for tax years
credit may be carried forward 10 years. Complete and attach
beginning on or after June 4, 2010, the base tax year is
Schedule QR, Qualified Research Facility Tax Credit.
reduced by fifty percent (50%). The base tax year is the
combined income tax and LLET for the first taxable year
Line 11, Employer GED Incentive Tax Credit—KRS Chapter
after December 31, 2005, that ends immediately prior to
151B.127 provides a nonrefundable income tax credit for
the activation date. If the base year is for a taxable year
employers who assist employees in completing a learning
beginning before January 1, 2007, the LLET will not apply.
contract in which the employee agrees to obtain his or
her high school equivalency diploma. The employer shall
Caution: An approved company under the Environmental
complete the lower portion of the GED-Incentive Program
Stewardship Act shall not be entitled to the recycling credit
Final Report (Form DAEL-31) and attach a copy to the return
provided under the provisions of KRS 141.390 for equipment
to claim this credit. Shareholders and partners should
used in the production of an environmental stewardship
attach a copy of Schedule K-1 showing the amount of credit
project.
distributed. For information regarding the program, contact
Line 15, Clean Coal Incentive Tax Credit—A nonrefundable,
the Education Cabinet, Kentucky Adult Education, Council on
nontransferable credit against taxes imposed by KRS 136.120,
Postsecondary Education.
KRS 141.020, KRS 141.040 or KRS 141.0401 shall be allowed
Line 12, Voluntary Environmental Remediation Credit—This
for a clean coal facility. As provided by KRS 141.428, a clean
line should be completed only if the taxpayers have an
coal facility means an electric generation facility beginning
agreed order with the Environmental and Public Protection
commercial operation on or after January 1, 2005, at a cost
Cabinet under the provisions of KRS 224.01-518 and have
greater than $150 million that is located in the Commonwealth
been approved for the credit by the Department of Revenue.
of Kentucky and is certified by the Environmental and Public
Maximum credit allowed to be claimed per taxable year is 25
Protection Cabinet as reducing emissions of pollutants
percent of approved credit. For more information regarding
released during generation of electricity through the use
credit for voluntary environmental remediation property,
of clean coal equipment and technologies. The amount of
contact the Environmental and Public Protection Cabinet at
the credit shall be two dollars ($2) per ton of eligible coal
(502) 564-3350. To claim this credit, Schedule VERB must be
purchased that is used to generate electric power at a certified
attached.
clean coal facility, except that no credit shall be allowed if the
eligible coal has been used to generate a credit under KRS
Line 13, Biodiesel and Renewable Diesel Credit—Producers
141.0405 for the taxpayer, parent or a subsidiary.
and blenders of biodiesel and producers of renewable diesel
are entitled to a tax credit against the taxes imposed by KRS
Line 16, Ethanol Tax Credit—An ethanol producer shall be
141.020, KRS 141.040 and KRS 141.0401. The taxpayer must
eligible for a nonrefundable tax credit against the taxes
file a claim for biodiesel and renewable diesel credit with the
imposed by KRS 141.020 or 141.040 and 141.0401 in an amount
Department of Revenue by January 15 each year for biodiesel
certified by the department. The credit rate shall be one dollar
produced or blended and the renewable diesel produced in
($1) per ethanol gallon produced, unless the total amount
the previous calendar year. The department shall issue a credit
of approved credit for all ethanol producers exceeds the
certification to the taxpayer by April 15. The credit certification
annual ethanol tax credit cap. If the total amount of approved
must be attached to the tax return claiming this credit.
credit for all ethanol producers exceeds the annual ethanol
tax credit cap, the department shall determine the amount
Line 14, Environmental Stewardship Tax Credit—An approved
of credit each ethanol producer receives by multiplying the
company may be permitted a credit against the Kentucky
17
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