Kentucky Tracking Schedule for a KRA Project
Schedule KRA-T is obsolete, and is no longer supported by the Kentucky Department of Revenue.
Extracted from PDF file 2020-kentucky-schedule-kra-t.pdf, last modified September 2011
Tracking Schedule for a KRA ProjectSCHEDULE KRA-T 41A720-S37 (10-11) Commonwealth of Kentucky DEPARTMENT OF REVENUE *1100020251* TRACKING SCHEDULE FOR A KRA PROJECT ➤ See instructions. KRS 154.34-010 to 120 ➤ Attach to Schedule KRA or KRA-SP. Name of Entity Entity Type Corporation Federal Identification Number Limited Liability Pass-through Entity General Partnership Other ____________________________________________ __ __ __ __ __ __ __ __ __ Location of Project Activation Date of KRA Incentive Agreement City County Kentucky Corporation/LLET Account Number __ __ __ __ __ __ Economic Development Project Number _ _ / _ _ / _ _ Mo. Day Yr. A B C Taxable Year Ended Balance of Approved Costs KRA Tax Credit Claimed 41A720-S37 (10-11) Page 2 Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—SCHEDULE KRA-T PURPOSE OF SCHEDULE—This schedule is used by a company which has entered into a reinvestment agreement for a Kentucky Reinvestment Act (KRA) project to maintain a record of the balance of approved costs and income tax, limited liability entity tax and license tax credits for the duration of the agreement.This information is necessary for the company to determine the limitation of the tax credit throughout the life of the project and to allow the Kentucky Department of Revenue to verify that credit has been properly computed. GENERAL INSTRUCTIONS A single Schedule KRA-T, Tracking Schedule for a KRA Project, shall be maintained for the duration of each KRA project. Beginning with the first taxable year of the KRA reinvestment agreement, complete Columns A through C using a separate line for each tax year of the reinvestment agreement. The company shall attach a copy of this schedule updated with current year information to the Schedule KRA or Schedule KRA-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. 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 and C is entered. Column B—For the taxable year that includes the activation date of the reinvestment agreement, enter total approved costs verified by the Kentucky Economic Development Finance Authority. For each year thereafter, enter the balance of approved costs after subtracting the prior year’s income tax credit claimed from the prior year’s approved costs. Also, enter on Schedule KRA, Part III, Line 2 or Schedule KRA-SP, Part I, Line 8, whichever is applicable. Column C—The KRA 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.
More about the Kentucky Schedule KRA-T Corporate Income Tax
We last updated the Tracking Schedule for a KRA Project in August 2021, and the latest form we have available is for tax year 2020. 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 KRA-T.
|Form Code||Form Name|
|Schedule KRA-SP||Tax Computation Schedule for a KRA Project of a Pass-Through Entity|
|Schedule KRA||Tax Credit computation Schedule for a KRA Project of a Corporation|
View all 130 Kentucky Income Tax Forms
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule KRA-T from the Department of Revenue in August 2021.
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 KRA-T
We have a total of six past-year versions of Schedule KRA-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.