Kentucky Application and Credit Certificate of Clean Coal Incentive Tax Credit
Extracted from PDF file 2022-kentucky-schedule-cci.pdf, last modified June 2022
Application and Credit Certificate of Clean Coal Incentive Tax CreditSCHEDULE CCI APPLICATION AND CREDIT CERTIFICATE OF CLEAN COAL INCENTIVE TAX CREDIT Commonwealth of Kentucky Department of Revenue 2022 See instructions. For Coal Purchased During Calendar Year KRS 141.428 Name of Entity Federal Identification Number __ __ __ __ __ __ __ __ __ Number and Street Kentucky Corporation/LLET Account Number __ __ __ __ __ __ City State ZIP Code Telephone Number Name and Facility Location Type of Entity (check applicable box): Other Corporation Limited Liability Pass-through Entity General Partnership __ __ / __ __/ __ __ Date Certified by the Energy and Environment Cabinet (Attach certification letter.) PART I—Qualifying Tons of Coal Purchased During the Taxable Year and Used to Generate Electricity A B C D Name and Kentucky Coal Severance Tax Account Number For Department Qualifying Tons of Name of Supplier of Taxpayer Subject to Kentucky of Revenue Use Only Coal Purchased Coal Severance Tax On Qualifying Coal Purchases Approved Tons Purchased 1 2 3 4 5 6 7 8 9 10 Total Tons Purchased I, the undersigned, declare under the penalties of perjury, that I have examined this application, including all accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Signature Title Date Contact Name (if different from signer) Email Address Telephone Number Fax Number Department of Revenue Use Only Part II—Tax Credit 1 Number of tons of approved eligible coal................................................................................. 1 2 Tax credit (line 1 multiplied by $2)............................................................................................ 2 00 Taxpayer Use Only Part III—Recap Schedule 1 Approved credit from Part II, line 2............................................................................................... 1 2 Less: (a) Credit against KRS 141.0401, Enter on Schedule TCS, Part II, Column E 2(a) 00 (b) Credit against KRS 141.040, Enter on Schedule TCS, Part II, Column F.. 2(b) 00 (c) Credit against KRS 141.020................................................................... 2(c) 00 3 Credit against KRS 136.120 (line 1 less the greater of line 2(a), 2(b), or 2(c))............................. 3 00 00 No Carryforward Allowed 220255 41A720CCI (10-22) Page 1 of 2 Schedule CCI (2022) INSTRUCTIONS FOR SCHEDULE CCI Page 2 of 2 The Clean Coal Incentive Tax Credit is applied against the individual income tax imposed by KRS 141.020 or the corporation income tax imposed by KRS 141.040 and/or the limited liability entity tax (LLET) imposed by KRS 141.0401, and the public service corporation property tax (state portion only) imposed by KRS 136.120. The amount of credit claimed against the corporation income tax and the LLET can be different. Purpose of Schedule—This schedule is used by taxpayers to apply for the clean coal incentive tax credit per KRS 141.428 and by the Department of Revenue to determine the approved tons of coal purchased. Who is Entitled to the Credit (a) Any electric power company subject to tax per KRS 136.120 and certified as a clean coal facility or any taxpayer that owns or operates a clean coal facility and purchases eligible coal that is used by the taxpayer in a certified clean coal facility; or (b) A parent company of an entity identified in paragraph (a) if the subsidiary is wholly owned. Amount of Credit—The credit is equal to $2 for each ton of qualifying coal. “Qualifying coal” means coal subject to the coal severance tax imposed by KRS 143.020 which is purchased and used by the company to generate electricity. Due Date of Schedule—The taxpayer must submit this schedule by March 15 of each year to apply for the credit on coal purchases for the prior calendar year. Where to Submit Schedule—This schedule must be submitted to: Kentucky Department of Revenue Office of Property Valuation Division of Minerals Taxation and GIS Services 501 High Street, Station 33 Frankfort, Kentucky 40601-2103 SPECIFIC INSTRUCTIONS General Information—The taxpayer must complete all information in the name and address portion of this schedule. If the entity type is not listed, check “Other” and list the entity type. Maintaining Records—The taxpayer must maintain records reflecting verification of the tons of coal purchased subject to Kentucky coal severance tax imposed by KRS 143.020, including invoices and proof of payments, for a period of five years. When Credit May be Claimed—The credit cannot be carried forward and must be used on the tax return filed for the period during which the eligible coal was purchased. Claiming Credit—Corporations and limited liability pass-through entities are entitled to take this credit against both income tax and LLET. The credit claimed may be different because of limitations and cannot reduce the LLET below the $175 minimum. Note: Attach certification received from DOR to the return filed. 41A720CCI (10-22) A pass-through entity must include on each Schedule K-1 the partner’s, member’s, or shareholder’s pro rata share of the approved credit. In addition, a pass-through entity must notify the department electronically of all partners, members, or shareholders who may claim any amount of the approved credit. Failure to provide information to the department in the following manner may constitute the forfeiture of available credits to all partners, members, or shareholders in the pass-through entity. Email address: [email protected] The electronic mail must contain a separate attachment in plain format text or plain ASCII format that includes each partner’s, member’s, or shareholder’s: (a) Name; (b) Address; (c) Telephone number; (d) Identification number; and (e) Distributive share of the tax credit. PART I—Qualifying Tons of Coal Purchased During the Taxable Year and Used to Generate Electricity Columns A and B—Enter in Column A the name of each supplier from whom qualifying coal was purchased. If the supplier listed in Column A is the person subject to the Kentucky coal severance tax on the qualifying coal, enter the supplier’s Kentucky coal severance tax account number in Column B. If the person subject to the Kentucky coal severance tax on the qualifying coal is different than the supplier listed in Column A, enter in Column B the name and Kentucky coal severance tax account number of the person subject to the Kentucky coal severance tax on the qualifying coal purchased from each supplier. In the event more than one person was subject to the Kentucky coal severance tax on coal purchased from the same supplier, use a separate line to list the supplier, the name, and Kentucky coal severance tax account number of each person subject to the Kentucky coal severance tax on the coal purchased from such supplier. Column C—Enter on each line in this column the tons of qualifying coal purchased related to each entry in Columns A and B. Part III—Recap Schedule Taxes to Which the Credit Applies—KRS 141.428 provides that this credit must first be applied against both the taxes imposed by KRS 141.020 or KRS 141.040 and the tax imposed by KRS 141.0401, with the ordering of credits per KRS 141.0205. Any remaining credit must be applied against the taxes imposed by KRS 136.120. The credit must meet the entirety of the taxpayer’s liability under the first tax listed in consecutive order before applying any remaining credit to the next tax listed in consecutive order. The taxpayer’s total liability under each preceding tax must be fully met before the remaining credit can be applied to the subsequent tax listed in consecutive order.
More about the Kentucky Schedule CCI Corporate Income Tax Tax Credit TY 2022
We last updated the Application and Credit Certificate of Clean Coal Incentive Tax Credit in February 2023, so this is the latest version of Schedule CCI, fully updated for tax year 2022. You can download or print current or past-year PDFs of Schedule CCI directly from TaxFormFinder. You can print other Kentucky tax forms here.
Other Kentucky Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 725||Kentucky Single Member LLC Individually Owned & LLET Return|
|Form PTE Instructions||Kentucky Pass-Through Entity Income and LLET Return - Instructions|
|Form PTE||Kentucky Pass-Through Entity Income and LLET Return|
|Form 720-ES||Kentucky Estimated Tax Voucher - Corporation Income/Limited Liability Entity Tax - Form 41A720ES|
|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 Schedule CCI from the Department of Revenue in February 2023.
Schedule CCI 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 Schedule CCI
We have a total of ten past-year versions of Schedule CCI 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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