Instructions For Form Kreda-T - Kentucky Department Of Revenue printable pdf download

INSTRUCTIONS—SCHEDULE KREDA-T

PURPOSE OF SCHEDULE—This schedule is to be used

SPECIFIC INSTRUCTIONS

by any company which has entered into a financing

Column A—Enter on each line the ending date (month,

agreement for a Kentucky Rural Economic Develop-

day and year) of the tax year for which the information

ment Act (KREDA) project to maintain a record of the

requested in Columns B through F is entered.

debt service payments, wage assessment fees and

income tax credits for the duration of the financing

Column B—This column will always be blank for the first

agreement. This information is necessary for the com-

taxable year of the financing agreement. For each year

pany to determine the limitation of the tax credit for

thereafter, if the amount entered in Column E for the

each year of the financing agreement and to allow the

prior year exceeds the amount entered in Column F for

Kentucky Revenue Cabinet to verify that the credit has

the prior year, enter the difference. If the amount entered

been properly computed.

in Column F for the prior year equals the amount entered

in Column E for the prior year, enter -0-.

GENERAL INSTRUCTIONS

Column C—Enter the total amount of debt service pay-

ment made during the taxable year. Debt service pay-

A separate Schedule KREDA-T, Tracking Schedule

ment includes both principal and interest paid in

for a KREDA Project, shall be maintained for the

accordance with the financing agreement.

duration of each KREDA project. Beginning with the

first tax year of the KREDA financing agreement,

Column D—Enter the total amount of employee wage

complete Columns A through F using a separate line

assessment fees (both the state and local portion) with-

for each year of the financing agreement. The company

held from the salaries of employees during the taxable

shall attach a copy of this schedule updated with current

year.

year information to the Schedule KREDA or Schedule

KREDA-SP, which is filed with the Kentucky income

Column E—Enter the result of adding the amounts

tax return for the year.

entered in Columns B and C and subtracting the

amount entered in Column D. Also, enter on Schedule

Date Financing Agreement was Executed or Activa-

KREDA, line 4, or Schedule KREDA-SP, line 3, which-

tion Date—For projects which received preliminary

ever is applicable.

approval from the Kentucky Economic Development

Finance Authority (KEDFA) prior to July 15, 1996,

Column F—Enter the amount of KREDA tax credit

enter the date the financing agreement was ex-

claimed for the taxable year. For C corporations, this

ecuted. For projects which received preliminary ap-

will be the amount from Schedule KREDA, Part II, line 5,

proval from KEDFA after July 15, 1996, enter the date

or the amount entered for this project on Schedule TCS,

established by the approved company as the activa-

line 1, Column E, whichever is applicable. For S corpo-

tion date for implementation of the inducements

rations and partnerships, this will be the amount from

authorized by the financing agreement.

Schedule KREDA-SP, Part I, line 4(a) or 4(b).

Instructions For Form Kreda-T - Kentucky Department Of Revenue

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