Kentucky Tax Credit Summary Schedule
Extracted from PDF file 2020-kentucky-schedule-tcs.pdf, last modified October 2019
Tax Credit Summary ScheduleSCHEDULE TCS Commonwealth of Kentucky Department of Revenue *1900030218* TAX CREDIT SUMMARY SCHEDULE 2019 See instructions. Attach this schedule to Form 720, 720S, 720U, 725, or 765. Name of Entity Federal Identification Number Kentucky Corporation/LLET Account Number __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ PART I—Economic Development Tax Credit Summary A Type of Project (KREDA, MCC, KSBTC, KIDA, KJRA, KIRA, KJDA, KBI, KRA, STICA, IEIA) B Location of Project C Project Number D Allowable Credit from Each Schedule E LLET Credit Claimed F Corporation Credit Claimed 1 00 00 00 2 00 00 00 3 00 00 00 4 00 00 00 5 00 00 00 00 00 6 Total of Economic Development Tax Credits (add lines 1 through 5) PART II—Other Tax Credits A B Preapproval Required 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Check if received through K-1 and enter the FEIN of company issuing C Credit Name D Required Attachment Yes Farming Operation Networking Schedule FON Yes Certified Rehabilitation Certification Copies No Unemployment Schedule UTC Yes Recycling/Composting Equipment Schedule RC Yes Coal Conversion Schedule CC Yes Kentucky Investment Fund KEDFA notification No Qualified Research Facility Schedule QR No GED Incentive Form DAEL-31 Yes Voluntary Environmental Remediation Schedule VERB Yes Biodiesel Schedule BIO Yes Clean Coal Incentive Schedule CCI Yes Ethanol Schedule ETH Yes Cellulosic Ethanol Schedule CELL No Railroad Maintenance & Improvement Schedule RR-I Yes Railroad Expansion Schedule RR-E Yes Endow Kentucky Schedule ENDOW Yes New Markets Development Program Form 8874(K)-A No Food Donation (See instructions) No Distilled Spirits Schedule DS Yes Film Industry Film office certification No Inventory (ad valorem) Schedule INV Total of Other Tax Credits (add lines 1 through 21) ........................................................ __ __ __ __ __ __ __ __ __ E LLET Credit Claimed F Corporation Credit Claimed 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 PART III—Total Tax Credits 1 Total LLET credits claimed (Total of Part I, Column E, line 6 and Part II, Column E, line 22). Enter this amount on Form 720 or 720S, Part I, line 5; or Form 725 or 765, Part II, line 5; or 720U, Schedule U9, Section A, line 5 in the respective column............... 1 2 Total corporation tax credits claimed (Total of Part I, Column F, line 6 and Part II, Column F, line 22). Enter this amount on Form 720, Part II, line 7 or 720U, Schedule U9, Section B, line 7 in the respective column............................................. 2 41A720TCS (10-19) 00 00 Page 1 of 2 SCHEDULE TCS (2019) INSTRUCTIONS—SCHEDULE TCS Page 2 of 2 ScheduleTCS is used by corporations and limited liability pass-through entities to apply tax credits 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. PURPOSE OF SCHEDULE This schedule is used by corporations to summarize all tax credits being claimed against income tax per KRS 141.040 and used by corporations and limited liability pass-through entities to summarize all tax credits being claimed against the (LLET) per KRS 141.0401. Limited liabilit y pass-through entities must not enter income or LLET tax credits on Schedule T C S f r o m S c h e d u l e s K R E D A - S P, K I D A - S P, K JR A- SP, K IR A- SP, K JDA- SP, K BI - SP, K R A- SP, IEIA-SP, or FON-SP. See instructions for those schedules. GENERAL INSTRUCTIONS If a taxpayer is entitled to more than one of the tax credits allowed against the taxes imposed by KRS 141.040 and/or KRS 141.0401, the priority of application and use of credits must be determined in the order that the credits are listed on Schedule TCS (KRS 141.0205). Total credits taken against corporation income tax on Form 720 or 720U may not reduce the tax below zero. Total credits taken against LLET on Form 720, 720S, 720U, 725, or 765 may not reduce the tax below $175. Part I—Economic Development Tax Credit Summary Corporation—This part is completed by a corporation having approved projects 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 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). Limited Liability Pass-Through Entity—This part is also completed by a limited liability pass-through entity having approved projects under the Metropolitan College Consortium Tax Credit (MCC), Kentucky Small Business Tax Credit Program (KSBTC), and Skills Training Investment Credit Act (STICA). A corporation must complete the applicable tax credit schedule (Schedules KREDA, KIDA, KJRA, KIRA, KJDA, KBI, KRA, and IEIA) for each project. A corporation or limited liability pass-through entity claiming tax credits under the Metropolitan College 41A720TCS (10-19) Consortium Tax Credit (MCC) and Skills Training Investment Credit Act (STICA) must attach a copy of the certification(s) from the Bluegrass State Skills Corporation. A corporation or limited liability pass-through entity claiming a tax credit under the Kentucky Small Business Tax Credit Program (KSBTC) must attach a copy of the certification from the Kentucky Economic Development Finance Authority. Complete a separate line for each project. Enter the appropriate information in Columns A, B, and C, and enter in Column D the credit limitation from the applicable tax credit computation schedule for each project. Enter in Column E the amount of credit claimed for each project against the LLET. Enter in Column F the amount of credit claimed for each project against the corporation income tax. Note: There is no requirement to utilize credits from the economic development projects in any particular order. Part II—Other Tax Credits Check the box if the credit entered was received through a K-1 and provide the FEIN of the company issuing the K-1. Attach a statement if more than one credit is received through a K-1. Many Kentucky tax credits require preapproval for eligibility. If Column B is marked “Yes,” you must submit the required preapproved attachment shown in Column D. If Column B is marked “No,” you must still submit the required attachment, but it is not required to be preapproved. For information on the preapproval process, refer to the requirements for each credit. Line 18—Food Donation Tax Credit—Enter any unused prior year credit carryforward. Part III—Total Tax Credits The totals from Part I and Part II, Column E cannot reduce the LLET below the $175 minimum. The totals from Part I and Part II, Column F cannot reduce the corporation income tax liability below zero. If necessary, reduce the total amount of the credits beginning with the last credit listed. Enter the LLET credits (Column E) claimed on Form 720 or 720S, Part I, Line 5; Form 725 or 765, Part II, Line 5; or 720U, Schedule U9, Section A, line 5 in the respective column. Enter the corporation credits (Column F) claimed on Form 720, Part II, Line 7; or 720U, Schedule U9, Section B, line 7 in the respective column.
More about the Kentucky Schedule TCS Corporate Income Tax Estimated TY 2020
We last updated the Tax Credit Summary Schedule in March 2020, so this is the latest version of Schedule TCS, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule TCS directly from TaxFormFinder. You can print other Kentucky tax forms here.
Other Kentucky Corporate Income Tax Forms:
|Form Code||Form Name|
|Form PTE Instructions||Kentucky Pass-Through Entity Income and LLET Return - Instructions|
|Form 725||Kentucky Single Member LLC Individually Owned & LLET Return|
|Form 720-ES||Kentucky Estimated Tax Voucher - Corporation Income/Limited Liability Entity Tax - Form 41A720ES|
|Form PTE||Kentucky Pass-Through Entity Income and LLET Return|
|Form 720S||Kentucky S Corporation Income Tax and LLET Return|
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule TCS from the Department of Revenue in March 2020.
Schedule TCS is a Kentucky Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
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 TCS
We have a total of seven past-year versions of Schedule TCS 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.