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Kentucky Free Printable  for 2019 Kentucky Tax Credit Computation Schedule for a KESA Project of a Pass-Through Entity

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Tax Credit Computation Schedule for a KESA Project of a Pass-Through Entity
Schedule KESA-SP

SCHEDULE KESA-SP 41A720KESA-SP (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE *1600010324* ➤  See instructions. Taxable Year Ending __ __ / __ __ Mo. Yr. TAX CREDIT COMPUTATION SCHEDULE (FOR A KESA PROJECT OF A PASS-THROUGH ENTITY) KRS 154.48-010 to 035 ➤ Attach to Form 720S, 725, 765 or 765-GP. Name of Pass-through Entity Federal Identification Number Kentucky Corporation/LLET Account Number Location of Project Environmental Stewardship Project Number City Activation Date of KESA Incentive Agreement  /     / Mo. Day Yr. County PART I—Base Year Net Tax   1. Compute the tax imposed by KRS 141.020......................................................................... 1   2. Compute the tax imposed by KRS 141.0401. Not applicable for Form 765-GP................ 2   3. LLET credit permitted by KRS 141.0401(3). Not applicable for Form 765-GP................... 3   4. Base year tax (total of lines 1 and 2 less line 3).................................................................. 4   5. Base year net tax (enter 50% of line 4)................................................................................ 5 00 00 00 00 00 PART II—Current Year Net Tax   1. Compute the tax imposed by KRS 141.020......................................................................... 1   2. Compute the tax imposed by KRS 141.0401. Not applicable for Form 765-GP................ 2   3. LLET credit permitted by KRS 141.0401(3). Not applicable for Form 765-GP................... 3   4. Current year net tax (total of lines 1 and 2 less line 3)....................................................... 4 00 00 00 00 PART III—KESA Credit   1. Enter credit available: (Part II, Line 4 less Part I, Line 5; if less than -0-, enter -0-)........... 1   2. Enter 25% of total authorized inducement per KESA agreement..................................... 2   3. Enter the lesser of line 1 or line 2, and enter this amount on Schedule TCS, Part II, Column E and on Schedule K of Form 720S, 765 or 765-GP.................................. 3 00 00 00 The KESA tax credit is applied against the income tax imposed by KRS 141.020 or KRS 141.040 and the limited liability entity tax (LLET) imposed by KRS 141.0401. The amount of tax credit against each tax can be different. 41A720KESA-SP (10-16) Page 2 Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—SCHEDULE KESA-SP The KESA tax credit is applied against the income tax imposed by KRS 141.020 or KRS 141.040 and the limited liability entity tax (LLET) imposed by KRS 141.0401. The amount of tax credit against each tax can be different. PURPOSE OF SCHEDULE—For taxable years ending on or after June 4, 2010, this schedule is used by a pass-through entity which has an approved Kentucky Environmental Stewardship Act (KESA) project as provided by KRS 154.48–025 to determine the environmental stewardship tax credit allowed against its LLET attributable to the project in accordance with KRS 141.430 and distributed to its partners, members or shareholders. KRS 141.430(2) provides that for each taxable year beginning with the year in which the activation date defined in KRS 154.48–010(1) occurs and ending with the year in which the project terminates, a limited liability pass-through entity’s environmental stewardship tax credit is determined by subtracting the base year tax from the current year combined individual income tax and LLET; however, the tax credit claimed for any single tax year cannot exceed 25% of the total authorized inducement. The base year tax is the combined individual income tax and LLET for the first taxable year after December 31, 2005, that ends immediately prior to the activation date. If the base year is for a taxable year beginning before January 1, 2007, the LLET will not apply. For taxable years ending on or after June 4, 2010, the base year tax is reduced by fifty percent (50%). GENERAL INSTRUCTIONS Part I—Base Year Net Tax Enter the tax computed before the application of any tax credits. Line 1—This is the income tax imposed by KRS 141.020 on the taxable net income of the pass-through entity for the base year. Line 2—This is the LLET imposed by KRS 141.0401 on the limited liability pass-through entity for the base year (not applicable for years beginning before January 1, 2007). Line 3—This is the LLET credit permitted by KRS 141.0401(3) for the base year (not applicable for years beginning before January 1, 2007). Part II—Current Year Net Tax Enter the tax computed before the application of any tax credits. Line 1—This is the income tax imposed by KRS 141.020 on the taxable net income of the pass-through entity for the current taxable year. Line 2—This is the LLET imposed by KRS 141.0401 on the limited liability pass-through entity for the current taxable year. Line 3—This is the LLET credit permitted by KRS 141.0401(3) for the current taxable year. Part III—KESA Credit Line 3—This is the lesser of Part III, Line 1 or Line 2. For this taxable year, enter on Schedule KESA-T, Column C the greater of Part III, Line 3 or the tax credit allowed against the applicable tax.
Extracted from PDF file 2017-kentucky-schedule-kesa-sp.pdf, last modified October 2016

More about the Kentucky Schedule KESA-SP Corporate Income Tax Tax Credit

We last updated the Tax Credit Computation Schedule for a KESA Project of a Pass-Through Entity in February 2018, and the latest form we have available is for tax year 2017. 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.


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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 KESA-SP.

Form Code Form Name
Schedule KESA Packet Kentucky Environmental Stewardship Act (KESA) Tax Credit packet
Schedule KESA-T Tracking Schedule for a KESA Project

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 KESA-SP from the Department of Revenue in February 2018.

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Schedule KESA-SP 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 KESA-SP

We have a total of four past-year versions of Schedule KESA-SP 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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