×
tax forms found in
Tax Form Code
Tax Form Name

Kentucky Free Printable 10_41A720-S26 (KIRA-SP)_(0001)_FINAL.indd for 2024 Kentucky Tax Computation Schedule for a KIRA Project of a Pass-Through Entity

There are only 19 days left until tax day on April 16th! eFile your return online here , or request a six-month extension here .

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2023-kentucky-schedule-kira-sp.pdf, and you can print it directly from your computer.

Tax Computation Schedule for a KIRA Project of a Pass-Through Entity
10_41A720-S26 (KIRA-SP)_(0001)_FINAL.indd

*1000020246* SCHEDULE KIRA-SP 41A720-S26 (10-10) Commonwealth of Kentucky DEPARTMENT OF REVENUE For taxable year ended __ __ / __ __ Mo. ➤ See instructions. (FOR A KIRA PROJECT OF A PASS-THROUGH ENTITY) ➤ Attach to Form 720S, Form 765 or Form 765-GP. Name of Pass-through Entity KRS 154.26-010 to 120 Federal Identification Number Kentucky Corporation/LLET Account Number __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ Activation Date of KIRA Incentive Agreement Economic Development Project Number Location of Project / City Yr. TAX COMPUTATION SCHEDULE County Mon. / Day Yr. PART I—Computation of KIRA Tax Credit and Tax Due 1. Kentucky taxable income on KIRA project (see instructions) ............................................................. 2. Net operating loss deduction on KIRA project..................................................................................... 3. Kentucky taxable income on KIRA project after net operating loss deduction (line 1 less line 2) .................................................................................................................................... 4. Income tax on amount from line 3: Taxable Net Income 5. 6. 7. 8. 9. 10. Rate 1 2 ( 00 ) 00 3 00 Tax (a) First $3,000 ........................ x 2% 00 (b) Next $1,000 ........................ x 3% 00 (c) Next $1,000 ........................ x 4% 00 (d) Next $3,000 ........................ x 5% 00 (e) Over $8,000 up to $75,000 x 5.8% 00 (f) Over $75,000....................... x 6% 00 (g) Total income tax liability of KIRA project (add lines 4(a) through 4(f)) ...................................... 4(g) LLET on KIRA project (see instructions). Not applicable for Form 765-GP ....................................... 5 LLET credit allowed (line 5 less $175, but not more than line 4(g)). Not applicable for Form 765-GP .......................................................................................................................................... 6 Total tax on KIRA project (lines 4(g) and 5 less line 6) ....................................................................... 7 Limitation (Column D from Schedule KIRA-T) .................................................................................... 8 Enter the lesser of line 7 or line 8 as either: (a) KIRA tax credit ................................................................................................................................ 9(a) or (b) Estimated tax payment and complete election in Part II............................................................. 9(b) If line 7 is larger than line 9(a) or 9(b), enter difference here as a liability of the pass-through entity. (Any pass-through entity reflecting a tax liability, complete Tax Payment Summary below and remit payment.) .......................................................................... 10 00 00 00 00 00 00 00 00 PART II—Estimated Tax Election In accordance with KRS 141.403(4)(b), Name of Pass-through Entity elects for the taxable year ended , in lieu of the KIRA tax credit, to have an amount equal to the lesser of line 7 or line 8 above applied as an estimated tax payment. ➤ Signature of Shareholder, Partner or Member Date TAX PAYMENT SUMMARY (Make check payable to Kentucky State Treasurer.) Tax Interest Penalty TOTAL 41A720-S26 (10-10) Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS –SCHEDULE KIRA-SP (Form 720S, Form 765 or Form 765-GP) Page 2 PURPOSE OF SCHEDULE—This schedule is used by any pass-through entity which has entered into a service and technology agreement or a tax incentive agreement for a Kentucky Industrial Revitalization Act (KIRA) project to determine the credit allowed against the Kentucky income tax and LLET in accordance with KRS 141.403 on the income and Kentucky gross receipts or Kentucky gross profits from the project. such that it is not practical to use a separate accounting method to determine the net income, Kentucky gross receipts and Kentucky gross profits from the facility at which the economic development project is located, the approved company shall use an alternative method approved by the Department of Revenue. A copy of the letter from the Department of Revenue approving the alternative method must be attached to this schedule. Pass-through entities should first complete Form 720S, Form 765 or Form 765-GP to determine net income (loss), deductions, etc., from the entire operations of the passthrough entity.The pass-through entity should then complete Schedule KIRA-SP to determine the KIRA tax credit and the tax due, if any, from the KIRA project. A pass-through entity is subject to tax as provided by KRS 141.020 and KRS 141.0401 on the net income and the Kentucky gross receipts or Kentucky gross profits from the project and the KIRA credit is applied against the tax of the KIRA project. Consequently, the pass-through entity must use Form 720S(K), Form 765(K) or Form 765-GP(K) in lieu of Schedule K (Form 720S), Schedule K (Form 765) or Schedule K (Form 765-GP) in order to exclude the net income from the KIRA project from the partners, members or shareholders’ distributive share income, and Schedule LLET(K) in lieu of Schedule LLET in order to exclude the Kentucky gross receipts or the Kentucky gross profits of the KIRA project from the LLET at the entity level. Separate Accounting—If the economic development project is a totally separate facility, net income shall reflect only the gross income, deductions, expenses, gains and losses allowed under this chapter directly attributable to the facility and overhead expenses apportioned to the facility; and Kentucky gross receipts or Kentucky gross profits shall reflect only Kentucky gross receipts or Kentucky gross profits directly attributable to the facility. Multiple Projects—A pass-through entity with multiple economic development projects must complete an applicable schedule (Schedule KREDA-SP, Schedule KIDA-SP, Schedule KJDA-SP, Schedule KIRA-SP, Schedule KEOZ-SP, Schedule KRA-SP, Schedule KJRA-SP, Schedule IEIA-SP or Schedule KBI-SP) to determine the credit and net tax liability, if any, for each project. Line 1—If the pass-through entity’s only operation is the KIRA project, the amount entered on Line 1 is the net income (loss) from Form 720S, Form 765 or Form 765-GP. If the pass-through entity has operations other than the KIRA project, a schedule must be attached reflecting the computation of the net income (loss) from the KIRA project in accordance with the following instructions, and such amount entered on Line 1. Separate Facility—In accordance with KRS 141.403(6), if the project is a totally separate facility, net income, Kentucky gross receipts and Kentucky gross profits attributable to the project shall be determined by a separate accounting method. Expansion of Existing Facility—In accordance with KRS 141.403(7), if the KIRA project is an expansion to a previously existing facility, the net income, Kentucky gross receipts and Kentucky gross profits shall be determined under a separate accounting method reflecting the entire facility, and the net income, Kentucky gross receipts and Kentucky gross profits shall be determined by apportioning the net income, Kentucky gross receipts and Kentucky gross profits of the entire facility to the economic development project by a formula approved by the Department of Revenue. A copy of the letter from the Department of Revenue approving the percentage must be attached to the schedule. Alternative Methods—In accordance with KRS 141.403(8), if the approved company can show that the nature of the operations and activities of the approved company are If the economic development project is an expansion to a previously existing facility, net income of the entire facility shall reflect only the gross income, deductions, expenses, gains and losses allowed under this chapter directly attributable to the facility and overhead expenses apportioned to the facility; and Kentucky gross receipts and Kentucky gross profits shall reflect only Kentucky gross receipts and Kentucky gross profits directly attributable to the facility. Net income, Kentucky gross receipts and Kentucky gross profits of the entire facility attributable to the economic development project shall be determined by apportioning the net income, Kentucky gross receipts and Kentucky gross profits by a formula approved by the Department of Revenue. Line 2—Enter the net operating loss from the KIRA project, if any, being carried forward from previous years. Note: Just as the income from a KIRA project does not flow through to partners, members or shareholders, neither do the losses.The project’s net operating loss from prior years must be subtracted from the project income before calculating the KIRA credit. General Partnership—Lines 5 and 6 of this schedule shall not be completed by a general partnership as a general partnership is not subject to LLET. Line 5—Using Schedule LLET, create a new Schedule LLET to compute the LLET of the KIRA project using only the Kentucky gross receipts and Kentucky gross profits of the project. Enter “KIRA” at the top center of the Schedule LLET and attach it to the tax return. Line 9—In lieu of the tax credit, the approved company may elect, on an annual basis, to apply as an estimated tax payment an amount equal to the allowable tax credit. Any estimated tax payment made in this paragraph shall be in satisfaction of the tax liability of the partners, members or shareholders of the pass-through entity, and shall be paid on behalf of the partners, members or shareholders. Enter an amount on either (a) or (b), but in no case shall there be an entry on both (a) and (b). In accordance with KRS 141.403(5), this estimated tax payment is excluded in determining each partner, member or shareholder’s distributive share income or credit from a pass-through entity. Accordingly, the partners, members or shareholders are not entitled to claim any portion of this estimated tax payment against their Kentucky income tax liability.
Extracted from PDF file 2023-kentucky-schedule-kira-sp.pdf, last modified October 2010

More about the Kentucky Schedule KIRA-SP Corporate Income Tax TY 2023

We last updated the Tax Computation Schedule for a KIRA Project of a Pass-Through Entity in February 2024, so this is the latest version of Schedule KIRA-SP, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule KIRA-SP directly from TaxFormFinder. You can print other Kentucky tax forms here.


eFile your Kentucky tax return now

eFiling is easier, faster, and safer than filling out paper tax forms. File your Kentucky and Federal tax returns online with TurboTax in minutes. FREE for simple returns, with discounts available for TaxFormFinder users!

File Now with TurboTax

Related Kentucky Corporate Income Tax Forms:

TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky Schedule KIRA-SP.

Form Code Form Name
Schedule KIRA-T Tracking Schedule for a KIRA Project
Schedule KIRA Tax Credit Computation Schedule for a KIRA Project of a Corporation

Download all KY tax forms View all 130 Kentucky Income Tax Forms


Form Sources:

Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule KIRA-SP from the Department of Revenue in February 2024.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Kentucky Schedule KIRA-SP

We have a total of nine past-year versions of Schedule KIRA-SP in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Schedule KIRA-SP

10_41A720-S26 (KIRA-SP)_(0001)_FINAL.indd

2022 Schedule KIRA-SP

10_41A720-S26 (KIRA-SP)_(0001)_FINAL.indd


TaxFormFinder Disclaimer:

While we do our best to keep our list of Kentucky Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/index.php/kentucky/schedule-kira-sp