Kentucky Notice of Kentucky New Markets Development Program Tax Credit and Certification
Extracted from PDF file 2019-kentucky-form-8874k-a.pdf, last modified October 2016
Notice of Kentucky New Markets Development Program Tax Credit and Certification8874(K)-A *1600010320* 41A720-S81 (5-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE NOTICE OF KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT AND CERTIFICATION KRS 141.433 ➤ See instructions. A Name of Qualified Community B Federal Identification Number Development Entity (CDE) of CDE C Kentucky Corporation/LLET Account Number (if applicable) of CDE D Name of taxpayer making the qualified E Identification number of taxpayer equity investment – F Number and Street (taxpayer’s address) G Certified purchase price of the taxpayer’s qualified equity investment – City State Kentucky Corporation/LLET Account Number (if applicable) of taxpayer Zip Code $ H Date the CDE received cash for taxpayer’s qualified equity investment / / Mo. Day I What type of entity is the taxpayer? ¨ Individual ¨ Estate ¨ Trust ¨ General Partnership ¨ Corporation ¨ S Corporation ¨ Limited Liability Pass-through Entity Yr. Under penalties of perjury, I declare that I have examined this form, including all accompanying documents and statements, and to the best of my knowledge and belief, it is true, correct and complete. _______________________________________ Signature of executive officer of CDE _______________________________________ ___________________________________________________________________________________ Type or print name and title Date Department of Revenue Use Only 1. Total Allowable Credit (add lines 2a through 2g) $ 2. a. Allowable credit: Year 1 $ 0 b. Allowable credit: Year 2 $ 0 c. Allowable credit: Year 3 (7%) $ d. Allowable credit: Year 4 (8%) $ e. Allowable credit: Year 5 (8%) $ f. Allowable credit: Year 6 (8%) $ g. Allowable credit: Year 7 (8%) $ The above tax credits are approved for each year. By: ___________________________________________ Date: ______________________ Mail to Department of Revenue, Division of Corporation Tax, Station 52, 501 High Street, Frankfort, KY 40601–2103. 41A720-S81 (8874(K)–A) (5-16) Page 2 Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—NOTICE OF KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT AND CERTIFICATION As provided by KRS 141.433(4), cash in the amount of the certified purchase price of the qualified equity investment must be received by the qualified community development entity (CDE) from each taxpayer in exchange for the taxpayer’s qualified equity investment within ninety (90) days after receipt of the approved application (Form 8874(K)) by the CDE. The CDE shall provide the department with evidence of the receipt of the cash in exchange for the qualified equity investment within ten (10) business days after receipt of the cash. If the CDE does not receive cash in the amount of certified purchase price of the qualified equity investment within ninety (90) days following receipt of the application approved by the department, the certification of the taxpayer shall lapse and the CDE may not issue a qualified equity investment without filing a new application with the department. A CDE shall file this form (Form 8874(K)-A) with the department for each taxpayer as evidence of the receipt of the cash for the taxpayer’s qualified equity investment. If the department is satisfied that the cash amount of the qualified equity investment was received by the CDE, a copy of Form 8874(K)-A will be returned to the taxpayer and CDE with the department’s approval of the tax credit available to the taxpayer for each of the next seven years. A taxpayer shall attach a copy of the approved Form 8874(K)-A to the tax return each year to claim the tax credit against the taxes imposed by KRS 141.020, 141.040, 141.0401, 136.320, 136.330, 136.340, 136.350, 136.370, 136.390 or 304.3-270. For the tax credit against taxes imposed by KRS 141.020, 141.040 or 141.0401, the ordering of the credits shall be as provided by KRS 141.0205. An insurance company claiming a tax credit against the insurance premium tax is not required to pay additional retaliatory tax levied pursuant to KRS 304.3-270. A partner, member or shareholder claiming the tax credit shall attach a copy of Schedule K-1, Form 720S; Schedule K-1, Form 765; or Schedule K-1, Form 765-GP to the tax return each year to claim the tax credit. If there is an event as provided by KRS 141.433(6) which would result in the recapture of any portion of the tax credit previously approved: (i) the CDE shall notify the department upon discovery of such event; or (ii) the department upon discovery of such event or after receiving notice from the CDE of such event shall provide written notice (via certified mail) of the proposed recapture to the CDE as provided by KRS 141.433(6)(b). If the CDE fails or is unable to cure the deficiency as provided by KRS 141.433(6)(b), the department shall notify the CDE and each taxpayer of the amount of the recapture or the balance of the tax credit on Form 8874(K)-B.
More about the Kentucky Form 8874(K)-A Corporate Income Tax Tax Credit
We last updated the Notice of Kentucky New Markets Development Program Tax Credit and Certification in April 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Kentucky Department of Revenue. You can print other Kentucky tax forms here.
Other Kentucky Corporate Income Tax Forms:
|Form Code||Form Name|
|Form PTE Instructions||Kentucky Pass-Through Entity Income and LLET Return - Instructions|
|Form 725||Kentucky Single Member LLC Individually Owned & LLET Return|
|Form 720-ES||Kentucky Estimated Tax Voucher - Corporation Income/Limited Liability Entity Tax - Form 41A720ES|
|Form PTE||Kentucky Pass-Through Entity Income and LLET Return|
|Form 720S||Kentucky S Corporation Income Tax and LLET Return|
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 8874(K)-A from the Department of Revenue in April 2020.
Form 8874(K)-A is a Kentucky Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 Form 8874(K)-A
We have a total of six past-year versions of Form 8874(K)-A in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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.