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Kentucky Voluntary Environmental Remediation Tax Credit (Brownfield)
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Extracted from PDF file 2023-kentucky-schedule-verb.pdf, last modified June 2023Voluntary Environmental Remediation Tax Credit (Brownfield)
SCHEDULE VERB VOLUNTARY ENVIRONMENTAL REMEDIATION TAX CREDIT Commonwealth of Kentucky Department of Revenue 2023 KRS 141.418 Attach to Form 720, 720U, PTE, 725, 740, 740-NP, or 741. Name of Entity Taxed as: Corporation General Partnership Individual Federal Identification Number or SSN Limited Liability Pass-through Entity Kentucky Corporation/LLET Account Number Other__________________________________________ Location of Remediation Property County Location Department of Revenue Use Only PART I—Computation of Allowable Tax Credit 1 Date certified............................................................................................................. 1 / / 2 Certified remediation expenditures (not to exceed $150,000)................................... 2 00 3 Maximum allowable tax credit each tax year (line 2 multiplied by 25% (.25))........... 3 00 By:____________________________________________ Date:____________________________ PART II—Taxpayer’s Certification I, the undersigned and authorized representative, declare under the penalties of perjury, that the expenditures incurred at the qualifying voluntary environmental remediation property were not financed through a public grant program or the petroleum storage tank environmental assurance fund. Signature Title Date PART III—Current Year Credit 1 LLET Credit—Enter on Schedule TCS, Part II, Column E............................................ 1 2 Corporation Income Tax Credit—Enter on Schedule TCS, Part II, Column F............... 2 3 Individual Income Tax Credit—Enter on Form 740, 740-NP, or 741............................. 3 PART IV—Amount of Credit Claimed 00 00 00 A B C Taxable Year Credit Taken Balance of VERB Amount of Credit Used (Month/Year) LLET Income Tax LLET Income Tax 1 __ __ / __ __ __ __ 00 00 00 00 2 __ __ / __ __ __ __ 00 00 00 00 3 __ __ / __ __ __ __ 00 00 00 00 4 __ __ / __ __ __ __ 00 00 00 00 5 __ __ / __ __ __ __ 00 00 00 00 6 __ __ / __ __ __ __ 00 00 00 00 7 __ __ / __ __ __ __ 00 00 00 00 8 9 __ __ / __ __ __ __ 00 00 00 00 __ __ / __ __ __ __ 00 00 00 00 10 __ __ / __ __ __ __ 00 00 00 00 11 __ __ / __ __ __ __ 00 00 00 00 230229 41A720VERB (10-23) Page 1 of 2 Schedule VERB (2023) INSTRUCTIONS—VOLUNTARY ENVIRONMENTAL REMEDIATION TAX CREDIT Page 2 of 2 The Voluntary Environmental Remediation Tax Credit is a nonrefundable credit that can be applied against the individual income tax imposed by KRS 141.020 or the corporation income tax imposed by KRS 141.040 and the limited liability entity tax (LLET) imposed by KRS 141.0401. The amount of credit claimed against the corporation income tax and the LLET can be different. The amount of credit claimed from Part I, Line 3 and the resulting balance of credit available must be calculated separately for income tax and the LLET. If the balance available for the income tax or the LLET reaches zero, no further credit is allowed against that tax liability. For example, any balance available for income tax cannot be used as a credit against the LLET nor can any balance available for the LLET be used as a credit against the income tax liability. Purpose of Schedule—This schedule is used by taxpayers subject to the taxes imposed by KRS 141.020, KRS 141.040, or KRS 141.0401 to claim a credit for expenditures made for a qualifying voluntary environmental remediation property. “Qualifying voluntary environmental remediation property” means real property subject to the provisions of KRS 224.1-400, KRS 224.1-405, or KRS 224.60-135 where the Kentucky Energy and Environment Cabinet has made a determination that the property meets the requirements per KRS 141.418(1)(e). A taxpayer claiming a credit per KRS 141.418 must submit receipts to the Kentucky Energy and Environment Cabinet as proof of the expenditures claimed. The Kentucky Energy and Environment Cabinet must verify the receipts. After the receipts are verified, the Department of Revenue must notify the taxpayer of eligibility for the credit. See KRS 141.418(4) The credit is on a dollar-per-dollar basis up to a maximum of $150,000 in approved expenditures. The amount of the allowable credit for any taxable year is limited to 25 percent of the maximum credit approved (Part I, Line 2), and it may be carried forward ten (10) years. The taxpayer is eligible to claim the credit on the tax return in the taxable year the credit was certified. General Instructions—If the entity type is not listed, check the “Other” box and list the entity type. Part I — Computation of Allowable Tax Credit This will be completed by the Department of Revenue and mailed to the taxpayer. Part II — Taxpayer’s Certification The taxpayer or the taxpayer’s representative must certify that the expenditures incurred at the qualifying voluntary environmental remediation property were not financed through a public grant program or the petroleum storage tank environmental assurance fund. The certification must be completed and a copy of Schedule VERB must be attached to the applicable tax return each year that a taxpayer claims the voluntary environmental remediation tax credit against the tax imposed by KRS 141.020 or 141.040 and KRS 141.0401. Part III — Current Year Credit Line 1—LLET Credit—Enter the amount of current year credit claimed against the LLET. This credit cannot reduce the LLET below the $175 minimum. Line 2—Corporation Income Tax Credit—Enter the amount of the current year credit claimed against the corporation income tax. Line 3—Individual Income Tax Credit—Enter the amount of the current year credit claimed against the individual income tax. A pass-through entity must include on each Schedule K-1 the partner’s, member’s, shareholder’s, or beneficiary’s pro rata share of the approved credit. Part IV — Amount of Credit Claimed This will be completed by the taxpayer and used as a tracking schedule for the credit taken. Line 1—This is the date the credit is certified by the Kentucky Energy and Environment Cabinet. Column A—Enter the month and year the tax credit is taken for this project. Line 2—This is the amount of expenditures certified by the Kentucky Energy and Environment Cabinet. Column B—Enter for year 1 the allowable credit from Part I, Line 2. Enter for each succeeding year the difference between Column B and Column C for the LLET and income tax. Line 3—This is the maximum amount of credit allowed for any one taxable year. 41A720VERB (10-23) Column C—Enter the amount of credit used for that year. If the amount is zero, enter zero (-0-).
Schedule VERB
More about the Kentucky Schedule VERB Corporate Income Tax Tax Return TY 2023
We last updated the Voluntary Environmental Remediation Tax Credit (Brownfield) in February 2024, so this is the latest version of Schedule VERB, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule VERB directly from TaxFormFinder. You can print other Kentucky tax forms here.
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| Form Code | Form Name |
|---|---|
| Form PTE Instructions | Kentucky Pass-Through Entity Income and LLET Return - Instructions |
| Form 720S | Kentucky S Corporation Income Tax and LLET Return |
| Schedule A | Apportionment and Allocation for corporations and pass-through entities taxable both within and without Kentucky - Schedule 41A720A |
| Form 725 | Kentucky Single Member LLC Individually Owned & LLET Return |
| Form 92A205 | Inheritance Tax Return - Short Form |
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 VERB from the Department of Revenue in February 2024.
Schedule VERB is a Kentucky Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
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 VERB
We have a total of eleven past-year versions of Schedule VERB in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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