Kentucky Tracking Schedule for a KIDA Project
Extracted from PDF file 2019-kentucky-schedule-kida-t.pdf, last modified October 2016
Tracking Schedule for a KIDA Project*1600010242* SCHEDULE KIDA-T 41A720-S21 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE TRACKING SCHEDULE FOR A KIDA PROJECT ➤ See instructions. KRS 154.28-010 to 140 ➤ Attach to Schedule KIDA or KIDA-SP. Name of Entity Entity Type Corporation Federal Identification Number Limited Liability Pass-through Entity General Partnership __ __ __ __ __ __ __ __ __ Other_________________________________________ Location of Project Activation Date of KIDA Incentive Agreement City County A B Kentucky Corporation/LLET Account Number __ __ __ __ __ __ Economic Development Project Number _ _ / _ _ / _ _ Mo. Day Yr. C* D E Excess Debt Debt Service Taxable Service Payment Payment/Approved Year or Costs Ended Approved Costs (Col. D – Col. E for Prior Year) KIDA Tax Credit Limitation KIDA Tax Credit Claimed = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = + = * Debt Service Payment refers to KIDA projects subject to the provisions of KRS 154.28-010 to 154.28-130 in effect prior to July 15, 2002. Approved Costs refers to KIDA projects subject to the provisions of KRS 154.28-010 to 154.28-140 in effect after July 14, 2002. 41A720-S21 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—SCHEDULE KIDA-T PURPOSE OF SCHEDULE—This schedule is used by a company which has entered into a financing agreement or tax incentive agreement for a Kentucky Industrial Development Act (KIDA) project to maintain a record of the debt service payments or approved costs, whichever is applicable, and tax credits (income tax and the limited liability entity tax) for the duration of the agreement. This information is necessary for the company to determine the limitation of the tax credit for each year of the agreement and to allow the Kentucky Department of Revenue to verify that the credit has been properly computed. Page 2 Activation Date of KIDA Incentive Agreement—For projects which received preliminary approval from the Kentucky Economic Development Finance Authority (KEDFA) prior to July 15, 1996, enter the date the financing agreement was executed. For projects which received preliminary approval from KEDFA after July 15, 1996, enter the date established by the approved company as the activation date for implementation of the inducements authorized by the financing agreement. SPECIFIC INSTRUCTIONS GENERAL 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. The 2002 General Assembly amended KRS 154.28010 to 154.28-130, effective on July 15, 2002. Projects that received preliminary approval from the Kentucky Economic Development Finance Authority (KEDFA) prior to July 15, 2002, and have entered into a financing agreement no later than June 30, 2003, shall be subject to KRS 154.28-010 to 154.28-130 as in effect prior to July 15, 2002. 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-). A s in gl e S c h e d ul e K I DA -T, Tr a c k in g S c h e d ul e for a KIDA Project, shall be maintained for the duration of each KIDA project. Beginning with the first taxable year of the KIDA financing agreement or tax 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 KIDA or Schedule KIDA-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. Column C—Enter the total amount of debt service payment or approved costs, whichever is applicable in accordance with the agreement, for the taxable year. Debt service payment includes both principal and interest paid in accordance with the financing agreement. Column D—Enter the result of adding the amounts entered in Columns B and C. Also, enter this amount on Schedule KIDA, Part III, Line 2 or Schedule KIDA-SP, Part I, Line 8, whichever is applicable. Column E—The KIDA 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 KIDA-T Corporate Income Tax
We last updated the Tracking Schedule for a KIDA 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 KIDA Package||Kentucky Industrial Development Act (KIDA) Tax Credit Package|
|Schedule KIDA-SP||Tax Computation Schedule for a KIDA Project of a Pass-Through Entity (OBSOLETE)|
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule KIDA-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 KIDA-T
We have a total of six past-year versions of Schedule KIDA-T in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Kentucky Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.