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Kentucky Free Printable  for 2021 Kentucky Tax Computation Schedule for a KJRA Project of a Pass-Through Entity

Schedule KJRA-SP is obsolete, and is no longer supported by the Kentucky Department of Revenue.

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

*1600010325* SCHEDULE KJRA–SP 41A720–S47 (10–16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Taxable Year Ending __ __ / __ __ Mo. Yr.   TAX COMPUTATION SCHEDULE (FOR A KJRA PROJECT OF A PASS–THROUGH ENTITY) ➤ See instructions. KRS 154.25–010 to 050 ➤ Attach to Form 720S, 765 or 765–GP. Name of Pass-through Entity Federal Identification Number Kentucky Corporation/LLET Account Number __ __ __ __ __ __ __ __ __ Location of Project Activation Date of KJRA Incentive Agreement Economic Development Project Number  /     / City __ __ __ __ __ __ County Mo. Day Yr. PART I—Computation of KJRA Tax Credit and Tax Due   1.   2.   3.   4. Kentucky taxable income on KJRA project (see instructions).......................................................... Net operating loss deduction on KJRA project.................................................................................. Kentucky taxable income on KJRA project after net operating loss deduction (line 1 less line 2).................................................................................................................................. Income tax on amount from line 3: Taxable Net Income (a) First $3,000......................... (b) Next $1,000......................... (c) Next $1,000......................... (d) Next $3,000......................... (e) Over $8,000 up to $75,000. (f) Over $75,000....................... Rate 1 00 2 ( ) 00 3 00 Tax x 2% x 3% x 4% x 5% x 5.8% x 6% 00 00 00 00 00 00 (g) Total income tax liability of KJRA project (add lines 4(a) through 4(f)).................................... 4(g) 00   5. LLET on KJRA project (see instructions). Not applicable for Form 765–GP.................................... 5   6. LLET credit allowed (line 5 less $175, but not more than line 4(g)). Not applicable for Form 765–GP......................................................................................................................................... 6   7. Total tax on KJRA project (lines 4(g) and 5 less line 6)..................................................................... 7   8. Limitation (Column F from Schedule KJRA-T)................................................................................... 8   9. Enter the lesser of line 7 or line 8 as either: (a) KJRA tax credit.............................................................................................................................. 9(a) or (b) Estimated tax payment and complete election in Part II............................................................ 9(b) 10. If line 7 is larger than line 9(a) or 9(b), enter difference here as a liability of the pass–through entity. (Any pass–through entity reflecting a tax liability, complete Tax Payment Summary below and remit payment.)......................................................................... 10 00 00 00 00 00 00 00 PART II—Estimated Tax Election In accordance with KRS 141.402(4)(b), Name of Pass–through Entity elects for the taxable year ended , in lieu of the KJRA tax credit, to have an amount equal to the lesser of line 7 or line 8 above applied as an estimated tax payment. ➤ Signature of Shareholder, Partner or Member TAX PAYMENT SUMMARY (Make check payable to Kentucky State Treasurer.) Tax Interest Penalty TOTAL Date 41A720–S47 (10–16) Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS–SCHEDULE KJRA–SP PURPOSE OF SCHEDULE—This schedule is used by any pass–through entity which has entered into a tax incentive agreement for a Kentucky Jobs Retention Agreement (KJRA) project to determine the credit allowed against the Kentucky income tax and LLET in accordance with KRS 141.402 on the income and Kentucky gross receipts or Kentucky gross profits from the project. Pass–through entities should first complete Form 720S, 765 or 765–GP to determine net income (loss), deductions, etc., from the entire operations of the pass–through entity. The pass–through entity should then complete Schedule KJRA–SP to determine the KJRA tax credit and the tax due, if any, from the KJRA project. A pass–through entity is subject to tax as provided by KRS 141.020 and KRS 141.0401 on the net income and the Kentucky gross receipts or Kentucky gross profits from the project and the KJRA credit is applied against the tax of the KJRA project. Consequently, the pass–through entity must use Form 720S(K), Form 765(K) or Form 765–GP(K) in lieu of Schedule K (Form 720S), Schedule K (Form 765) or Schedule K (Form 765–GP) in order to exclude the net income from the KJRA project from the partners, members or shareholders’ distributive share income, and Schedule LLET(K) in lieu of Schedule LLET in order to exclude the Kentucky gross receipts or the Kentucky gross profits of the KJRA project from the LLET at the entity level. Multiple Projects—A pass–through entity with multiple economic development projects must complete an applicable schedule (Schedule KREDA–SP, Schedule KIDA–SP, Schedule KEOZ–SP, Schedule KJRA–SP, Schedule KIRA–SP, Schedule KJDA–SP, Schedule KBI–SP, Schedule KRA–SP or Schedule IEIA–SP) to determine the credit and net tax liability, if any, for each project. Line 1—If the pass–through entity’s only operation is the KJRA project, the amount entered on Line 1 is the net income (loss) from Form 720S, 765 or 765–GP. If the pass–through entity has operations other than the KJRA project, a schedule must be attached reflecting the computation of the net income (loss) from the KJRA project in accordance with the following instructions, and such amount entered on Line 1. Separate Facility—In accordance with KRS 141.402(6), if the project is a totally separate facility, net income, Kentucky gross receipts, and Kentucky gross profits attributable to the project shall be determined by a separate accounting method. Alternative Methods—In accordance with KRS 141.402(7), if the approved company can show that the nature of the Page 2 operations and activities of the approved company are such that it is not practical to use a separate accounting method to determine the net income, Kentucky gross receipts and Kentucky gross profits from the facility at which the economic development project is located, the approved company shall use an alternative method approved by the Department of Revenue. A copy of the letter from the Department of Revenue approving the alternative method must be attached to this schedule. Separate Accounting—If the economic development project is a totally separate facility, net income shall reflect only the gross income, deductions, expenses, gains and losses allowed under this chapter directly attributable to the facility and overhead expenses apportioned to the facility; and Kentucky gross receipts or Kentucky gross profits shall reflect only Kentucky gross receipts or Kentucky gross profits directly attributable to the facility. Line 2—Enter the net operating loss from the KJRA project, if any, being carried forward from previous years. Note: Just as the income from a KJRA project does not flow through to partners, members or shareholders, neither do the losses. The project’s net operating loss from prior years must be subtracted from the project income before calculating the KJRA credit. General Partnership—Lines 5 and 6 of this schedule shall not be completed by a general partnership as a general partnership is not subject to LLET. Line 5—Using Schedule LLET, create a new Schedule LLET to compute the LLET of the KJRA project using only the Kentucky gross receipts and Kentucky gross profits of the project. Enter “KJRA” at the top center of the Schedule LLET and attach it to the tax return. Line 9—In lieu of the tax credit, the approved company may elect, on an annual basis, to apply as an estimated tax payment an amount equal to the allowable tax credit. Any estimated tax payment shall be in satisfaction of the tax liability of the partners, members or shareholders of the pass–through entity, and shall be paid on behalf of the partners, members or shareholders. Enter an amount on either (a) or (b), but in no case shall there be an entry on both (a) and (b). In accordance with KRS 141.402(5), this estimated tax payment is excluded in determining each partner, member or shareholder’s distributive share income or credit from a pass–through entity. Accordingly, the partners, members or shareholders are not entitled to claim any portion of this estimated tax payment against their Kentucky income tax liability.
Extracted from PDF file 2019-kentucky-schedule-kjra-sp.pdf, last modified October 2016

More about the Kentucky Schedule KJRA-SP Corporate Income Tax

We last updated the Tax Computation Schedule for a KJRA Project of a Pass-Through Entity in June 2021, 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:

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 KJRA-SP.

Form Code Form Name
Schedule KJRA Tax Credit Computation Schedule for a KJRA Project of a Corporation
Schedule KJRA-T Tracking Schedule for a KJRA 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 KJRA-SP from the Department of Revenue in June 2021.

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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 KJRA-SP

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