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Kentucky Free Printable  for 2020 Kentucky Tax Credit Computation Schedule for a KIRA Project of a Corporation

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Tax Credit Computation Schedule for a KIRA Project of a Corporation
Schedule KIRA

*1600010244* SCHEDULE KIRA 41A720-S24 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Taxable Year Ending ➤  Attach to Form 720. KRS 154.26-010 to 120 Name of Corporation Federal Identification Number __ __ — __ __ __ __ __ __ __ Location of Project City Mo. Yr. TAX CREDIT COMPUTATION SCHEDULE (FOR A KIRA PROJECT OF A CORPORATION) ➤  See instructions. __ __ / __ __ Activation Date of KIRA Incentive Agreement County Mo.  /     / Day Kentucky Corporation/LLET Account Number __ __ __ __ __ __ Economic Development Project Number Yr. PART I—Computation of LLET Excluding KIRA Project   1. LLET from Form 720, Part I, line 1........................................................................................................ 1   2. LLET on KIRA project (see instructions).............................................................................................. 2   3. LLET excluding LLET on KIRA project (line 1 less line 2)................................................................... 3 PART II—Computation of Taxable Net Income Excluding Net Income from KIRA Project and KIRA 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 KIRA Project   1. Enter taxable net income from Form 720, Part III, line 25.................................................................. 1   2. Enter net income from KIRA project; if loss, enter -0-........................................................................ 2   3. Taxable net income excluding net income from KIRA project (line 1 less line 2). If line 2 is greater than line 1, enter -0-................................................................................................................. 3   4. Corporation income tax on amount from line 3: (a)  First $50,000........................ (b)  Next $50,000........................ (c)  All income over $100,000.... Taxable Net Income 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 KIRA project (add lines 4(a) through 4(c))......................... 4(d) 00   5. LLET excluding LLET on KIRA project (Part I, line 3).......................................................................... 5   6. Enter LLET from line 5 less $175, but not more than line 4(d).......................................................... 6   7. Total tax excluding KIRA project (lines 4(d) and 5 less line 6)........................................................... 7   8. Total tax attributable to KIRA project (Section A, line 4 less Section B, line 7) Continue to Part III and enter this amount on Part III, line 1.............................................................. 8 PART III—Limitation 00 00 00 00   1. Enter tax liability attributable to KIRA project from Part II, Section B, line 8.................................... 1 00   2. Enter limitation from Schedule KIRA-T, Column D............................................................................. 2 00  3. Allowable KIRA tax credit (lesser of line 1 or line 2).......................................................................... 3 Enter allowable credit on Schedule TCS, Part I, Column E and Column F 00 ➤ Economic development project means a project authorized under the Kentucky Rural Economic Development Act (KREDA), Metropolitan College Consortium Tax Credit (MCC), Kentucky Small Business Tax Credit Program (KSBTC), Kentucky Industrial Development Act (KIDA), Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky Jobs Retention Agreement (KJRA), Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky Business Investment Program (KBI), Kentucky Reinvestment Act (KRA), Skills Training Investment Credit Act (STICA) and Incentives for Energy Independence Act (IEIA). 41A720-S24 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 2 INSTRUCTIONS—SCHEDULE KIRA The KIRA tax credit is applied against 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 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 a tax incentive agreement for a Kentucky Industrial Revitalization Act (KIRA) project to determine the credit allowed against the Kentucky corporation income tax and LLET attributable to the project in accordance with KRS 141.403. GENERAL INSTRUCTIONS Part I—Computation of LLET Excluding KIRA Project Line 2—Using Schedule LLET, create a new Schedule LLET to compute the LLET of the KIRA project using only the Kentucky gross receipts and Kentucky gross profits of the project. Enter “KIRA” at the top center of the Schedule LLET and attach it to the tax return. If the corporation has operations other than the KIRA project, it must attach schedules reflecting the computation of Kentucky gross profits and Kentucky gross receipts from the KIRA project in accordance with KRS 141.403(6)(b)** or KRS 141.403(7)(b).**** Part II—Computation of Taxable Net Income Excluding Net Income from KIRA Project and KIRA Tax Credit Section B Line 2—Enter net income for KIRA project. If the corporation’s only operation in Kentucky is the KIRA project, the amount entered on Line 1 must be entered on Line 2. If the corporation has operations other than the KIRA project, it must attach schedules reflecting the computation of the net income from the KIRA project in accordance with KRS 141.403(6)(a)* or KRS 141.403(7) (a).*** See form for computation. Part III—Limitation Calculate KIRA tax credit based on the corporation’s tax liability, tax liability attributable to KIRA project, and credit limitation from Schedule KIRA-T. Enter credit on Schedule TCS, Part I, Column E and Column F. A corporation with more than one economic development projec t must separately compute the tax credit derived from each project. Complete an applicable tax computation schedule (Schedule KREDA, Schedule KIDA, Schedule KEOZ, Schedule KJRA, Schedule KIRA, Schedule KJDA, Schedule KBI, Schedule KRA or Schedule IEIA) for each project. A corporation approved for the Skills Training Investment Credit Act (STICA) or Metropolitan College Consortium Tax Credit (MCC) must attach a copy of the certification(s) from the Bluegrass State Skills Corporation. A corporation approved for the Kentucky Small Business Tax Credit Program (KSBTC) must attach a copy of the certification from the Kentucky Economic Development Finance Authority. Alternative Methods—In accordance with KRS 141.403(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 141.403(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 141.403(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 141.403(7)(a), if the KIRA 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 KIRA project shall be determined by apportioning the separate accounting net income of the entire facility to the KIRA project income using a formula approved by the Department of Revenue. A copy of the letter from the Department of Revenue approving the percentage must be attached to this schedule. **** In accordance with KRS 141.403(7)(b), if the KIRA 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 KIRA project shall be determined by apportioning the separate accounting Kentucky gross receipts or Kentucky gross profits of the entire facility to the KIRA project Kentucky gross receipts or Kentucky gross profits. A copy of the letter from the Department of Revenue approving the percentage must be attached to this schedule.
Extracted from PDF file 2019-kentucky-schedule-kira.pdf, last modified October 2016

More about the Kentucky Schedule KIRA Corporate Income Tax Tax Credit TY 2019

We last updated the Tax Credit Computation Schedule for a KIRA Project of a Corporation in April 2020, so this is the latest version of Schedule KIRA, fully updated for tax year 2019. You can download or print current or past-year PDFs of Schedule KIRA directly from TaxFormFinder. 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 KIRA.

Form Code Form Name
Schedule KIRA-SP Tax Computation Schedule for a KIRA Project of a Pass-Through Entity
Schedule KIRA-T Tracking Schedule for a KIRA 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 KIRA from the Department of Revenue in April 2020.

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Schedule KIRA 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 KIRA

We have a total of five past-year versions of Schedule KIRA 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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