Kentucky Tracking Schedule for a KIRA Project
Extracted from PDF file 2019-kentucky-schedule-kira-t.pdf, last modified October 2016
Tracking Schedule for a KIRA ProjectSCHEDULE KIRA-T 41A720-S25 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE *1600010245* TRACKING SCHEDULE FOR A KIRA PROJECT ➤ See instructions. ➤ Attach to Schedule KIRA or KIRA-SP. KRS 154.26-010 to 120 Name of Entity Entity Type Corporation Federal Identification Number Kentucky Corporation/LLET Limited Liability Pass-through Entity Account Number General Partnership Other ___________________________________________ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ Location of Project Activation Date of KIRA Incentive Agreement City County A B Taxable Year Balance of Ended Approved Costs C Economic Development Project Number _ _ / _ _ / _ _ Mo. Day Yr. D Employee Wage Assessments Withheld or Appropriations KIRA Tax Received Under an Credit Limitation Appropriation Agreement E KIRA Tax Credit Claimed Income/LLET Tax = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = – = * Corporation license tax was repealed effective for tax periods ending on or after December 31, 2005. Corporation License Tax* 41A720-S25 (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 2 INSTRUCTIONS—SCHEDULE KIRA-T PURPOSE OF SCHEDULE—This schedule is used by a company which has entered into a revitalization agreement for a Kentucky Industrial Revitalization (KIRA) project to maintain a record of the approved costs, wage assessment fees and income, limited liability entity tax and license tax* credits for the duration of the revitalization agreement. This information is necessary for the company to determine the limitation of the tax credit for each year of the revitalization agreement and to allow the Kentucky Department of Revenue to verify that the credit has been properly computed. Economic Development Finance Authority. Refer to your agreement for the applicable percentage. For each year thereafter, if the amount entered in Column D for the prior year exceeds the combined total of income tax credit and corporation license tax credit claimed for the prior year in Column E, enter the difference. Column C—Enter the total amount of employee wage assessments (both the state and local portion) withheld from the salaries of employees during the taxable year, or the appropriations received during the taxable year if an appropriation agreement was entered into in lieu of utilization of the wage assessment. GENERAL INSTRUCTIONS A single Schedule KIRA-T, Tracking Schedule for a KIRA Project, shall be maintained for the duration of each KIRA project. Beginning with the first taxable year of the KIRA revitalization agreement, complete Columns A through E using a separate line for each year of the revitalization agreement. The company shall attach a copy of this schedule updated with current year information to the Schedule KIRA or Schedule KIRA-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 D—Enter the result of subtracting the amount entered in Column C from the amount entered in Column B. Also, enter on Schedule KIRA, Part III, Line 2 or Schedule KIRA-SP, Part I, Line 8, whichever is applicable. Column E—The KIRA 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 amount claimed. Enter the greater of Column E or Column F from Schedule TCS for this project. SPECIFIC INSTRUCTIONS Column A—Enter on each line the ending date (month and year) of the taxable year for which the information requested in Columns B through E is entered. Column B—For the taxable year that includes the revitalization agreement date, enter 50 percent or 75 percent of the approved costs as verified by the Kentucky * Prior to January 1, 2006, KIRA tax credits were applied against corporation license tax. The tax was repealed effective for tax periods ending on or after December 31, 2005. KIRA credit used to offset license tax prior to that effective date must be reported on the Schedule KIRA-T.
More about the Kentucky Schedule KIRA-T Corporate Income Tax TY 2019
We last updated the Tracking Schedule for a KIRA Project in April 2020, so this is the latest version of Schedule KIRA-T, fully updated for tax year 2019. You can download or print current or past-year PDFs of Schedule KIRA-T directly from TaxFormFinder. You can print other Kentucky tax forms here.
Related Kentucky Corporate Income Tax Forms:
|Form Code||Form Name|
|Schedule KIRA||Tax Credit Computation Schedule for a KIRA Project of a Corporation|
|Schedule KIRA-SP||Tax Computation Schedule for a KIRA Project of a Pass-Through Entity|
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule KIRA-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 KIRA-T
We have a total of five past-year versions of Schedule KIRA-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.