Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 Page 4
Download a blank fillable Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76What’s New
FAMILY SIZE TAX CREDIT—This credit provides benefits to individuals and families at incomes up to 133 percent of
the threshold amount based on the federal poverty level. The 2012 threshold amount is $11,170 for a family size of one,
$15,130 for a family of two, $19,090 for a family of three and $23,050 for a family of four or more.
STANDARD DEDUCTION—For 2012, the standard deduction is $2,290.
ENDOW KENTUCKY TAX CREDIT—Effective for taxable years beginning on or after Jan. 1, 2011, the Endow Kentucky
Tax Credit was created to encourage donations to community foundations across the Commonwealth. KRS 141.438
was created to allow a nonrefundable income tax and limited liability entity tax credit of 20 percent of the value of the
endowment gift, not to exceed $10,000. Unused credit may be carried forward for use in a subsequent taxable year,
for a period not to exceed five years. The total amount of credit that may be awarded by the Department of Revenue
in each fiscal year is $500,000. An application for preliminary authorization for the credit must be submitted to the
Department of Revenue.
If preliminary approval is received from the department, the taxpayer must make an endowment gift within 30 days
of preliminary approval to a qualified community foundation, county-specific component fund, or affiliate community
foundation which has been certified by the Endow Kentucky Commission created by KRS Chapter 147A. The taxpayer
has ten days after making the gift to provide the department with proof of the gift. The department will issue a final
tax credit letter to the taxpayer if the gift is approved after receipt of the proof.
NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT—The New Markets Development Program Tax Credit was
created in KRS 141.432 to 141.434 to encourage taxpayer investment in low-income communities. A taxpayer that makes
a qualified equity investment in a qualified community development entity may be eligible for a credit that may be
taken against the corporation income tax, individual income tax, insurance premiums taxes and limited liability entity
tax. The qualified community development entity must first submit an application to the Department of Revenue for
approval. The person or entity actually making the loan or making the equity investment will be able to claim a credit,
subject to a $5 million credit cap each fiscal year, by completing Form 8874(K)-A.
Any unused approved credit may be carried forward for use in any subsequent tax year. Additional information regarding
this new credit program will be provided via our Web site at
2
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Inc 251 - Application For Extension Of Time To File Individual Income Tax Return - Tennessee Department Of Revenue
Financial
Form Il-1040-v - Payment Voucher For Individual Income Tax (1999) - Illinois Department Of Revenue
Financial
Form Ar1000a Instructions - Amended Individual Income Tax Return - Arkansas Department Of Revenue
Financial
Related Categories
Parent category: Financial