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Kentucky Free Printable  for 2020 Kentucky Recycling or Composting Equipment Tax Credit Recapture

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Recycling or Composting Equipment Tax Credit Recapture
Schedule RC-R

SCHEDULE RC-R *1900030236* Commonwealth of Kentucky Department of Revenue RECYCLING OR COMPOSTING EQUIPMENT TAX CREDIT RECAPTURE  See instructions. Taxable Year Ending  Attach to Form 720, 720S, 720U, 725, 740, 740-NP, 741, 765, or 765-GP.  KRS 141.390 Name of Entity 2019 __ __ / __ __ Mo. Yr. Federal Identification Number Kentucky Corporation/LLET Account Number __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ Section A — Recycling or Composting Equipment Disposed of Before the End of the Recapture Period Item Useful Life Per Section 168 of the Internal Revenue Code (Years) Type of Equipment A Less Than 5 5 or More B Less Than 5 5 or More C Less Than 5 5 or More Section B — Computation of Tax Credit Balance or Tax Credit Recapture Equipment A B C Total   1 Date equipment was purchased or installed........................ 1 / / / / / /   2 Date equipment was sold, transferred, or disposed............ 2 / / / / / /   3 Number of full years the equipment was held.................... 3   4 Taxable year the Department of Revenue ___ ___/___ ___ ___ ___/___ ___ ___ ___/___ ___ mo. yr. mo. yr. mo. yr. approved the tax credit.......................................................... 4   5 Allowable tax credit percentage from Table......................... 5   6 Amount of tax credit originally approved on Schedule RC, Column G......................................................... 6 00 00 00 00   7 Multiply Line 6 by the percentage on Line 5........................ 7 00 00 00 00 8 Recycling tax credit used in prior years against LLET......... 8 00 00 00 00 9 Recycling tax credit used in prior years against income tax............................................................................... 9 00 00 00 00 10 LLET credit balance: if Line 7 of the Total column is greater than Line 8 of the Total column, enter the difference................................................................................................................................................................................ 10 00 11 Income tax credit balance: if Line 7 of the Total column is greater than Line 9 of the Total column, enter the difference............................................................................................................................................................... 11 00 12 LLET credit recapture: if Line 8 of the Total column is greater than Line 7 of the Total column, enter the difference................................................................................................................................................................................ 12 00 13 Income tax credit recapture: if Line 9 of the Total column is greater than Line 7 of the Total column, enter the difference............................................................................................................................................................... 13 00 14 Tax credit reduction: enter Line 6 of the Total column less Line 7 of the Total column.................................................... 14 00 Table — Allowable Tax Credit Percentage  Property Less Than 5 Years 5 Years or More  1 Year or Less   0%   0%  Between 1 and 2 Years 33% 20%  Between 2 and 3 Years 67% 40%  Between 3 and 4 Years N/A 60%  Between 4 and 5 Years N/A 80% 41A720RC-R (10-19) Page 1 of 2 Schedule RC-R (2019) INSTRUCTIONS – RECYCLING OR COMPOSTING EQUIPMENT TAX CREDIT RECAPTURE Page 2 of 2 Purpose of Schedule—Per KRS 141.390(4), the Recycling/ Composting Equipment Tax Credit per KRS 141.390 must be recaptured in whole or in part if a taxpayer sells, transfers, or disposes of qualifying recycling or composting equipment before the end of the recapture period. If the total tax credit used in prior tax years exceeds the recomputed tax credit, the difference must be recaptured on the tax return for the tax year in which the sale, transfer, or disposition occurred. If the total tax credit taken in prior tax years does not exceed the recomputed tax credit, the unused portion of the tax credit will be allowed against the income tax imposed by KRS 141.020 or 141.040 and the limited liability entity tax imposed by KRS 141.0401, subject to the limitations per KRS 141.390(2), for the taxable year in which the sale, transfer, or disposition occurs. Any tax credit balance not used in the taxable year in which the sale, transfer, or disposition occurs cannot be carried forward to another taxable year. Line 10—LLET credit balance: if the amount on Line 7 of the Total column is greater than the amount on Line 8 of the Total column, enter the difference on this line. General Instructions—If recycling or composting equipment is sold, transferred, or disposed of before the end of its useful life per IRC §168, see the Table—Allowable Tax Credit Percentage on Schedule RC–R (KRS 141.390(5)). Line 14—Tax credit reduction: enter the amount on Line 6 of the Total column less the amount on Line 7 of the Total column. Section A—Recycling or Composting Equipment Disposed of Before the End of the Recapture Period For each item of equipment sold, transferred, or disposed of before the end of its useful life per IRC §168, enter a description of each item of equipment on Lines A, B, and C and check the box to indicate the useful life of the equipment. If the taxpayer disposed of more than three items of equipment during the tax year, attach additional Schedules RC–R as needed. Section B—Computation of Tax Credit Balance or Tax Credit Recapture For each item of equipment identified on Lines A, B, and C of Section A, enter the following information in Columns A, B, and C, respectively: Line 1—Enter the date the equipment was purchased or installed. Line 2—Enter the date the equipment was sold, transferred, or disposed. Line 3—Enter the number of full years the equipment was held (difference between the dates on Line 1 and Line 2). Line 11—Income tax credit balance: if the amount on Line 7 of the Total column is greater than the amount on Line 9 of the Total column, enter the difference on this line. Line 12—LLET credit recapture: if the amount on Line 8 of the Total column is greater than the amount on Line 7 of the Total column, enter the difference on this line. Line 13—Income tax credit recapture: if the amount on Line 9 of the Total column is greater than the amount on Line 7 of the Total column, enter the difference on this line. Enter the amount from Line 12 (LLET credit recapture) on the applicable tax return as follows: Form 720—Enter on Form 720, Part I, Line 2. Form 720S—Enter on Form 720S, Part I, Line 2. Form 720U—Enter on Form 720U, Schedule U9, Section A, Line 2. Form 725—Enter on Form 725, Part II, Line 2. Form 765—Enter on Form 765, Part II, Line 2. Enter the amount from Line 13 (Income tax credit recapture) on the applicable tax return as follows: Form 720—Enter on Form 720, Part II, Line 2. Form 720U—Enter on Form 720U, Schedule U9, Section B, Line 2. Form 740—Enter on Form 740, page 1, Line 13. Form 740–NP—Enter on Form 740–NP, page 1, Line 14 (combine with income tax amount). Form 741—Enter on Form 741, Line 17. Line 4—Enter the tax year (month and year) that the tax credit on the equipment was approved by the Department of Revenue. Enter the amount from Line 14 as follows: Line 5—Enter the allowable tax credit percentage from the Table— Allowable Tax Credit Percentage. Schedule RC—The recycling or composting equipment tax credit balances for LLET and income tax on Schedule RC, Part III or Part VI shall be reduced as follows: (i) for LLET by the total of Lines 10 and 14 less Line 12, and (ii) for income tax by the total of Lines 11 and 14 less Line 13. Line 6—Enter the amount of tax credit originally approved by the Department of Revenue. The amount of the tax credit is the amount originally approved on Schedule RC, Part II, line 2. Enter in the Total column the total of the amounts on Line 6 of Columns A, B, and C. Line 7—Enter the amount of Line 6 multiplied by the percentage on Line 5. Enter in the Total column the total of the amounts on Line 7 of Columns A, B, and C. Line 8—Enter the tax credit used by the taxpayer against LLET (KRS 141.0401) in prior years. If the original tax credit approved was for more than one item of equipment, the tax credit must be prorated based on the cost of the equipment. Enter in the Total column the total of the amounts on Line 8 of Columns A, B, and C. Line 9—Enter the tax credit used by the taxpayer against income tax (KRS 141.020 or 141.040) in prior years. If the original tax credit approved was for more than one item of equipment, the tax credit must be prorated based on the cost of the equipment. Enter in the Total column the total of the amounts on Line 9 of Columns A, B, and C. 41A720RC-R (10-19) Pass-Through Entities—A pass–through entity must attach a copy of Schedule RC–R to each partner’s, member’s, shareholder’s, or beneficiary’s Kentucky Schedule K–1. Each partner, member, shareholder, or beneficiary must prepare a Schedule RC–R to be attached to the partner’s, member’s, shareholder’s, or beneficiary’s tax return. A partner, member, shareholder, or beneficiary must include its pro rata share of the items of equipment amounts from the pass-through entity’s Schedule RC–R, Lines 1 through 7 and Line 14 when preparing the partner’s, member’s, shareholder’s, or beneficiary’s Schedule RC–R. The remaining Lines 8 through 13 of Schedule RC–R must be computed by the partner, member, shareholder, or beneficiary. A partner, member, shareholder, or beneficiary must reduce the recycling or composting equipment tax credit balances for LLET and income tax on Schedule RC, Part III or Part VI as follows: (i) for LLET by the total of Lines 10 and 14 less Line 12, and (ii) for income tax by the total of Lines 11 and 14 less Line 13.
Extracted from PDF file 2019-kentucky-schedule-rc-r.pdf, last modified October 2019

More about the Kentucky Schedule RC-R Corporate Income Tax Tax Credit TY 2019

We last updated the Recycling or Composting Equipment Tax Credit Recapture in March 2020, so this is the latest version of Schedule RC-R, fully updated for tax year 2019. You can download or print current or past-year PDFs of Schedule RC-R directly from TaxFormFinder. 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 RC-R.

Form Code Form Name
Schedule RC Application for Income Tax/LLET Credit for Recycling and/or Composting Equipment or Major Recycling Project - Form 41A720RC
Schedule RC-C Schedule RC-Part 1 Continuation (DISCONTINUED)

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 RC-R from the Department of Revenue in March 2020.

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Schedule RC-R 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 RC-R

We have a total of seven past-year versions of Schedule RC-R 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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