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Kentucky Application and Credit Certificate of Income Tax/LLET Credit Cellulosic Ethanol
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Extracted from PDF file 2023-kentucky-schedule-cell.pdf, last modified June 2023Application and Credit Certificate of Income Tax/LLET Credit Cellulosic Ethanol
SCHEDULE CELL APPLICATION AND CREDIT CERTIFICATE OF INCOME TAX/LLET CREDIT CELLULOSIC ETHANOL Commonwealth of Kentucky Department of Revenue KRS 141.422 to 141.4248 103 KAR 15:120 See instructions. Attach to Form 720, 720U, PTE, 725, 740, 740-NP, or 741. Name of Entity Federal Identification Number Mailing Address __ __ __ __ __ __ __ __ __ Taxed as: Corporation Location Address 2023 Kentucky Corporation/LLET Account Number (if applicable) __ __ __ __ __ __ Limited Liability Pass-through Entity General Partnership Individual Other Kentucky Special Fuels Dealer’s License Account Number ______________________________________ At anytime during this calendar year, did your cellulosic ethanol fail to meet the ASTM standard? If yes, list dates _________________________________________________________________________ Yes No Part I—Gallons Produced in Kentucky During the Calendar Year 1 Number of gallons of cellulosic ethanol produced meeting ASTM standard................................ 1 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—Cellulosic Ethanol Gallons Approved 1 Cellulosic Ethanol gallons approved by Department of Revenue........................................... 1 Part III—Cellulosic Ethanol Approved Credit Certificate 1 (a) Requested credit for cellulosic ethanol producer (numerator) ............. (a) (b) Total requested credit for cellulosic ethanol producer (denominator) ........ (b) ( (a) (b) ) x *$ = Approved Credit By: ________________________________________ Date: _______________________ * The cellulosic ethanol credit cap of $5,000,000 will be increased by the unused cap of the ethanol tax credit if the total approved applications for the cellulosic ethanol tax credit exceeds its $5,000,000 cap. TAXPAYER USE ONLY Part IV—Cellulosic Ethanol Credit Used By Taxpayer 1 LLET Credit—Enter on Schedule TCS, Part II, Column E ..................................................................... 1 00 2 Corporation Income Tax Credit—Enter on Schedule TCS, Part II, Column F ..................................... 2 00 3 Individual Income Tax Credit—Enter on Form 740, 740–NP, or 741.................................................... 3 00 No Carryforward Allowed 230298 41A720CELL (10-23) Page 1 of 2 Schedule CELL (2023) INSTRUCTIONS FOR SCHEDULE CELL Page 2 of 2 The cellulosic ethanol tax credit is a nonrefundable credit 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. The amount of tax credit claimed against the corporation income tax and LLET can be different. Purpose of Schedule—The application and credit certification schedule is used to report the number of gallons of cellulosic ethanol produced in this state meeting the current ASTM standards. The Department of Revenue will certify the amount of cellulosic ethanol credit for each taxpayer. It is effective for cellulosic ethanol produced on or after January 1, 2008. The taxpayer is not entitled to the credit for cellulosic ethanol produced in another state. The credit rate is $1 per gallon with a total cap for all taxpayers not to exceed $5,000,000 annually, except the cellulosic ethanol tax credit cap will be increased by the unused cap of the ethanol tax credit. See Part III instructions for further explanation. There is no carryforward for any unused credit. To ensure proper processing, fax or email Schedule CELL to the Department of Revenue no later than January 15 following the close of the preceding calendar year. Credit certification cannot be guaranteed for schedules sent through regular mail. Schedules postmarked or sent after January 15 are void. Fax number: 502–564–0058 Email address: [email protected] The Depar tment of Revenue will c onf ir m rec eipt of the application. If you do not receive confirmation within two weeks of submitting the application, contact the Division of Corporation Tax at 502– 564– 8139 or via email at [email protected]. The Department of Revenue will issue the credit certificate, listing the amount of credit available, by April 15 following the close of the preceding calendar year. Attach the credit certificate to the tax return claiming the credit. General Instructions—Check the appropriate entity type. If the entity type is not listed, check the “Other” box and list the entity type. Federal Identification Number—For an individual, enter the Social Security number; for all other entities, enter the FEIN. Testing—The regulation 103 KAR 15:120 provides that a copy of the laboratory results for July 1 and December 31 of each calendar year must be attached to the application, Schedule CELL, and submitted to the Department of Revenue. Failure to provide proof of meeting the ASTM standard on July 1 and December 31 of each calendar year with the application will result in the denial of the credit for gallons of cellulosic ethanol back to the previous testing date of July 1 or December 31. Part II—Cellulosic Ethanol Gallons Approved Line 1—This is the amount of cellulosic ethanol gallons approved by the Department of Revenue for credit. If the approved credit exceeds the cellulosic ethanol tax credit cap, then the credit is determined by the department in Part III. It is a nonrefundable credit. 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. In addition, a pass-through entity must notify the department electronically of all partners, members, shareholders, or beneficiaries who may claim any amount of the approved credit. Failure to provide information to the department in the following manner will constitute the forfeiture of available credits to all partners, members, shareholders, or beneficiaries 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, shareholder’s, or beneficiary’s: (a) Name; (b) Address; (c) Telephone number; (d) Identification number; and (e) Distributive share of the tax credit. Part III—Cellulosic Ethanol Approved Credit Certificate The Department of Revenue determines the total approved credit. If it exceeds the cellulosic ethanol tax credit cap of $5,000,000, the department will compute each taxpayer’s approved credit based upon a fraction, the numerator (Line 1(a)) being the credit requested by the taxpayer and the denominator (Line 1(b)) being the total credit requested by all taxpayers. The cellulosic ethanol tax credit cap is multiplied by this fraction to determine each producer’s approved credit. The annual cellulosic ethanol tax credit cap of $5,000,000 will be increased by the unused cap of the ethanol tax credit if the total approved applications for the cellulosic ethanol tax credit exceeds its $5,000,000 cap. The amount of credit cap transferred to the cellulosic ethanol tax credit shall not exceed the amount necessary for all applicants to receive the one dollar ($1) per gallon credit per KRS 141.4244. Part IV—Cellulosic Ethanol Credit Used by Taxpayer Part I—Gallons Produced in Kentucky During the Calendar Year Line 1—Enter the amount of credit claimed for the taxable year against the LLET on Schedule TCS, Part II, Column E. The credit amount cannot reduce the LLET below the $175 minimum. Line 1—Enter the number of gallons of cellulosic ethanol produced in this state for the calendar year. Line 2—Enter the amount of credit claimed for the taxable year against the corporation income tax on Schedule TCS, Part II, Column F. Part II and Part III Line 3—Enter the amount of credit claimed for the taxable year on Form 740, 740–NP, or 741. These parts are completed by the Department of Revenue to determine the cellulosic ethanol credit for each taxpayer. Part III is used if the total amount of approved credit for all cellulosic ethanol producers exceeds the annual cellulosic ethanol tax credit cap. 41A720CELL (10-23)
Schedule CELL
More about the Kentucky Schedule CELL Corporate Income Tax Tax Credit TY 2023
We last updated the Application and Credit Certificate of Income Tax/LLET Credit Cellulosic Ethanol in February 2024, so this is the latest version of Schedule CELL, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule CELL 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 CELL from the Department of Revenue in February 2024.
Schedule CELL 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 CELL
We have a total of ten past-year versions of Schedule CELL 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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