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Kentucky Free Printable 10_41A720-S53 (KBI)_(0001).indd for 2021 Kentucky Kentucky Business Investment Program (KBI) Tax Credit Packet

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Kentucky Business Investment Program (KBI) Tax Credit Packet
10_41A720-S53 (KBI)_(0001).indd

*1000020313* SCHEDULE KBI 41A720–S53 (10–10) Commonwealth of Kentucky DEPARTMENT OF REVENUE For taxable year ended __ __ / __ __ Mo. TAX CREDIT COMPUTATION SCHEDULE (FOR A KBI PROJECT OF A CORPORATION) ➤ See instructions. ➤ Attach to Form 720. KRS 154.32–010 to 100 Name of Corporation Location of Project Federal Identification Number Kentucky Corporation/LLET Account Number __ __ – __ __ __ __ __ __ __ __ __ __ __ __ __ Activation Date of KBI Incentive Agreement Economic Development Project Number / City Yr. Mo. County / Day Yr. PART I—Computation of LLET Excluding KBI Project 1. LLET from Form 720, Part I, line 1 ....................................................................................................... 1 2. LLET on KBI project (see instructions) ................................................................................................ 2 3. LLET excluding LLET on KBI project (line 1 less line 2)..................................................................... 3 PART II—Computation of Taxable Net Income Excluding Net Income from KBI Project and KBI Tax Credit Section A–Computation of Corporation Tax 1. Enter income tax from Form 720, Part II, line 1 .................................................................................. 1 2. LLET of corporation (Part I, line 1)....................................................................................................... 2 3. LLET credit allowed (line 2 less $175, but not more than line 1) ...................................................... 3 4. Total corporation tax (lines 1 and 2 less line 3).................................................................................. 4 Section B–Computation of Tax Excluding KBI Project 1. Enter taxable net income from Form 720, Part III, line 25 ................................................................. 1 2. Enter net income from KBI project, if loss enter -0- .......................................................................... 2 3. Taxable net income excluding net income from KBI project (line 1 less line 2). If line 2 is greater than line 1, enter -0- ............................................................................................................ 3 4. Corporation income tax on amount of line 3: Taxable Net Income (a) First $50,000 ....................... (b) Next $50,000 ....................... (c) All income over $100,000... Rate X 4% X 5% X 6% 00 00 00 00 00 00 00 00 00 00 Tax 00 00 00 (d) Total income tax liability excluding KBI project (add lines 4(a) through 4(c)) ........................... 4(d) 5. 6. 7. 8. LLET excluding LLET on KBI project (Part I, Line 3) ........................................................................... Enter LLET from line 5 less $175, but not more than line 4(d) ......................................................... Total tax excluding KBI project (lines 4(d) and 5 less line 6)............................................................. Total tax attributable to KBI project (Section A, line 4 less Section B, line 7) Continue to Part III and enter this amount on Part III, line 1 ............................................................. PART III—Limitation 00 5 6 7 00 00 00 8 00 1. Enter tax liability attributable to KBI project from Part II, Section B, line 8 ..................................... 1 00 2. Enter balance of approved costs from Schedule KBI-T, Column E ................................................... 2 00 3. Allowable KBI tax credit (lesser of line 1 or line 2) ............................................................................ Enter allowable credit on Schedule TCS, Part I, Column E and Column F 3 00 ➤ Economic development project means a project authorized under the Kentucky Industrial Development Act (KIDA), the Kentucky Rural Economic Development Act (KREDA), the Kentucky Jobs Development Act (KJDA), the Kentucky Industrial Revitalization Act (KIRA), the Kentucky Economic Opportunity Zone (KEOZ), the Kentucky Reinvestment Act (KRA), the Kentucky Job Retention Act (KJRA), the Incentives for Energy Independence Act (IEIA), the Kentucky Business Investment Program (KBI), the Skills Training Investment Credit Act (STICA) or the Metropolitan College Consortium Tax Credit (MCC). 41A720–S53 (10–10) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 2 INSTRUCTIONS—SCHEDULE KBI The KBI tax credit is applied against the corporation income tax imposed under KRS 141.040 and/or the limited liability entity tax (LLET) imposed under KRS 141.0401. The amount of tax credit against each tax can be different; however, for tracking purposes, the maximum amount of credit used against either tax is the amount that is used for the tax year. PURPOSE OF SCHEDULE—This schedule is used by a corporation which has entered into an agreement for a Kentucky Business Investment Program (KBI) project to determine the credit allowed against the Kentucky corporation income tax liability and LLET attributable to the project in accordance with KRS 141.415. GENERAL INSTRUCTIONS Part I—Computation of LLET Excluding KBI Project Line 2—Using Schedule LLET, create a new Schedule LLET to compute the LLET of the KBI project using only the Kentucky gross receipts and Kentucky gross profits of the project. Enter “KBI” at the top center of the Schedule LLET and attach it to the tax return. If the corporation has operations other than the KBI project, it must attach schedules reflecting the computation of Kentucky gross profits and Kentucky gross receipts from the KBI project in accordance with KRS 141.415(6)(b)** or KRS 141.415(7)(b).**** Part II—Computation of Taxable Net Income Excluding Net Income from KBI Project and KBI Tax Credit Section B Line 2—Enter net income from the KBI project. If the corporation’s only operation in Kentucky is the KBI project, the amount entered on Line 1 must be entered on Line 2. If the corporation has operations other than the KBI project, it must attach schedules reflecting the computation of the net income from the KBI project in accordance with KRS 141.415(6)(a)* or KRS 141.415(7)(a).*** See form for computation. Part III—Limitation Calculate KBI tax credit based on the corporation’s tax liability, tax liability attributable to KBI project, and balance of approved costs from Schedule KBI-T. Enter credit on Schedule TCS, Part I, Column E and Column F. A corporation with more than one economic development project must separately compute the tax credit derived from each project. Complete an applicable tax computation schedule (Schedule KREDA, Schedule KIDA, Schedule KJDA, Schedule KIRA, Schedule KEOZ, Schedule KRA, Schedule KJRA, Schedule IEIA or Schedule KBI) for each project. Approved companies for Skills Training Investment Credit (STICA) or Metropolitan College ConsortiumTax Credit (MCC) must attach a copy of the final resolution received from the Bluegrass State Skills Corporation. Alternative Methods — In accordance with KRS 141.415(8), if the approved company can show that the nature of the operations and activities of the approved company are such that it is not practical to use separate accounting to determine net income, Kentucky gross receipts or Kentucky gross profits from the facility at which the project is located, the approved company shall determine net income, Kentucky gross receipts or Kentucky gross profits attributable to the project using an alternative method approved by the Department of Revenue. Thus, if any method other than separate accounting is used, a copy of the letter from the Department of Revenue approving the alternative method must be attached to this schedule. * In accordance with KRS 141.415(6)(a), if the project is a totally separate facility, net income attributable to the project shall be determined by the separate accounting method. ** In accordance with KRS 141.415(6)(b), if the project is a totally separate facility, Kentucky gross receipts or Kentucky gross profits attributable to the project shall be determined under the separate accounting method reflecting only the Kentucky gross receipts or Kentucky gross profits directly attributable to the facility. *** In accordance with KRS 141.415(7)(a), if the KBI project is an expansion to a previously existing facility, net income attributable to the entire facility shall be determined under the separate accounting method and the net income attributable to the KBI project shall be determined by apportioning the separate accounting net income of the entire facility to the KBI project income using a formula approved by the Department of Revenue. A copy of the letter from the Department of Revenue approving the formula must be attached to this schedule. **** In accordance with KRS 141.415(7)(b), if the KBI project is an expansion to a previously existing facility, Kentucky gross receipts or Kentucky gross profits attributable to the entire facility shall be determined under the separate accounting method and the Kentucky gross receipts or Kentucky gross profits attributable to the KBI project shall be determined by apportioning the separate accounting Kentucky gross receipts or Kentucky gross profits of the entire facility to the KBI project Kentucky gross receipts or Kentucky gross profits. A copy of the letter from the Department of Revenue approving the formula must be attached to this schedule.
Extracted from PDF file 2020-kentucky-schedule-kbi-packet.pdf, last modified October 2010

More about the Kentucky Schedule KBI Packet Corporate Income Tax Tax Credit TY 2020

We last updated the Kentucky Business Investment Program (KBI) Tax Credit Packet in May 2021, so this is the latest version of Schedule KBI Packet, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule KBI Packet directly from TaxFormFinder. You can print other Kentucky tax forms here.

Related Kentucky Corporate Income Tax Forms:

TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky Schedule KBI Packet.

Form Code Form Name
Schedule KBI-T Tracking Schedule for a KBI Project (OBSOLETE)

Download all KY tax forms 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 KBI Packet from the Department of Revenue in May 2021.

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Schedule KBI Packet 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 KBI Packet

We have a total of seven past-year versions of Schedule KBI Packet 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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