Kentucky Tracking Schedule for a FON Project
Extracted from PDF file 2019-kentucky-schedule-fon-t.pdf, last modified October 2016
Tracking Schedule for a FON Project*1600010316* SCHEDULE FON-T 41A720-S58 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE TRACKING SCHEDULE FOR A FON PROJECT ➤ See instructions. KRS 141.410 to 141.414 ➤ Attach to Schedule FON or FON-SP. Name of Entity Entity Type Corporation Federal Identification Number Limited Liability Pass-through Entity General Partnership __ __ __ __ __ __ __ __ __ Other_________________________________________ Location of Project Activation Date of FON Incentive Agreement City County A B Kentucky Corporation/LLET Account Number __ __ __ __ __ __ Farming Operation Networking Project Number _ _ / _ _ / _ _ Mo. Day Yr. C* D E Excess Approved Costs Approved Taxable for Current Taxable Costs Year Year (Col. D – Col. E Ended for Prior Year) FON Tax Credit Limitation = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = FON Tax Credit Claimed 41A720-S58 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—SCHEDULE FON-T PURPOSE OF SCHEDULE—This schedule is used by an entity which has a farming operation networking project (FON) approved by the Cabinet for Economic Development as provided by KRS 141.410 to 141.414, to maintain a record of approved costs and the tax credits taken for the duration of the project. This information is necessary for the company to determine the limitation of the tax credit for each taxable year of the agreement and to allow the Kentucky Department of Revenue to verify that the tax credit carryover has been properly determined. KRS 141.412 provides that any tax credit not used in the taxable year in which it becomes available may be carried forward to the next succeeding five (5) taxable years until the tax credit has been fully used. The aggregate tax credit used in any taxable year shall not exceed the income, Kentucky gross profits or Kentucky gross receipts, as the case may be, of the qualified farming operation generated by or arising out of the qualified farming operation’s participation in a networking project in that taxable year. GENERAL INSTRUCTIONS “Approved costs” means costs incurred during the taxable year by a qualified farming operation for training and improving skills of managers and employees involved in a networking project as provided by KRS 141.410(1). “Qualified farming operation” means an individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, or institution, engaged in farming in Kentucky that provides raw materials for food-producing facilities in Kentucky, and that purchases new buildings or equipment, or that incurs training expenses, to support its participation in a networking project. KRS 141.414(3) provides that the net income subject to tax and the tax credit determined under KRS 141.414(2) shall be excluded in determining each partner’s, member’s, shareholder’s or beneficiary’s distributive share of net income or credit of the pass-through entity or trust. A s i n g l e S c h e d u l e F O N -T, Tr a c k i n g S c h e d u l e for a FON Project, shall be maintained for the duration Page 2 of each FON project. Beginning with the first taxable year of the FON incentive agreement, complete Columns A through E using a separate line for each year of the agreement. The company shall attach a copy of this schedule updated with current year information to the Schedule FON or Schedule FON-SP which is filed with the Kentucky tax return for the year. For Form 720, all tax credits are entered on Schedule TCS, Tax Credit Summary Schedule. The total tax credits calculated may exceed the amount that can be used. Credits must be claimed in the order prescribed by KRS 141.0205. Total credits claimed cannot reduce the LLET below the $175 minimum. Total credits claimed cannot reduce the income tax liability below zero. SPECIFIC INSTRUCTIONS Column A—Enter on each line the ending date (month, day and year) of the taxable year for which the information in Columns B through E is entered. Column B—This column will be blank for the first taxable year of the agreement. For each year thereafter, if the amount entered in Column D for the prior year exceeds the amount entered in Column E for the prior year, enter the difference. If the amount entered in Column E for the prior year equals the amount entered in Column D for the prior year, enter zero (-0-). Column C—Enter the total amount of approved costs for the taxable year. Column D—Enter the result of adding the amounts entered in Columns B and C. Also, enter this amount on Schedule FON, Part III, Line 2 or Schedule FON-SP, Part I, Line 8, whichever is applicable. Column E—The FON tax credit is applied against the corporation income tax imposed under KRS 141.040 and/or the limited liability entity tax imposed under KRS 141.0401. The tax credit calculated for each tax can be different; however, for tracking purposes, the maximum amount used against either tax is recorded as the amount claimed. Enter the greater of Column E or Column F from Schedule TCS for this project.
More about the Kentucky Schedule FON-T Corporate Income Tax
We last updated the Tracking Schedule for a FON Project 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.
Related Kentucky Corporate Income Tax Forms:
|Form Code||Form Name|
|Schedule FON Package||Farming Operation Networking (FON) Tax Credit Package|
|Schedule FON-SP||Tax Computation Schedule for a FON Project of a Pass-Through Entity|
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule FON-T from the Department of Revenue in April 2020.
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 FON-T
We have a total of four past-year versions of Schedule FON-T 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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