Schedule Kjda - Tax Credit Computation Schedule - 2016
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1
2SCHEDULE KJDA
*1600030247*
Taxable Year Ending
__ __ / __ __
41A720-S27 (10-16)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
C
S
AX
REDIT
OMPUTATION
CHEDULE
(F
A KJDA P
O
A C
)
OR
ROJECT
F
ORPORATION
➤ See instructions.
KRS 154.24-010 to 160
➤ Attach to Form 720.
Name of Corporation
Federal Identification Number
Kentucky Corporation/LLET
Account Number
__ __ — __ __ __ __ __ __ __
__ __ __ __ __ __
Location of Project
Activation Date of KJDA
Economic Development
Incentive Agreement
Project Number
/
/
Mo.
Day
Yr.
City
County
PART I—Computation of LLET Excluding KJDA Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................
1
00
2. LLET on KJDA project (see instructions) ............................................................................................
2
00
3. LLET excluding LLET on KJDA project (line 1 less line 2) .................................................................
3
00
PART II—Computation of Taxable Net Income Excluding Net Income from KJDA Project and KJDA Tax Credit
Section A–Computation of Corporation Tax
1. Enter income tax from Form 720, Part II, line 1 ..................................................................................
1
00
2. LLET of corporation (Part I, line 1) .......................................................................................................
2
00
3. LLET credit allowed (line 2 less $175, but not more than line 1) ......................................................
3
00
4. Total corporation tax (lines 1 and 2 less line 3) ..................................................................................
4
00
Section B–Computation of Tax Excluding KJDA Project
1. Enter taxable net income from Form 720, Part III, line 25 .................................................................
1
00
2. Enter net income from KJDA project; if loss, enter -0- ......................................................................
2
00
3. Taxable net income excluding net income from KJDA project (line 1 less line 2). If line 2 is
greater than line 1, enter -0- ................................................................................................................
3
00
4. Corporation income tax on amount from line 3:
Taxable Net Income
Rate
Tax
(a) First $50,000 .......................
X 4%
00
(b) Next $50,000 .......................
X 5%
00
(c) All income over $100,000 ...
X 6%
00
(d) Total income tax liability excluding KJDA project (add lines 4(a) through 4(c)) ....................... 4(d)
00
5. LLET excluding LLET on KJDA project (Part I, line 3) ........................................................................
5
00
6. Enter LLET from line 5 less $175, but not more than line 4(d) .........................................................
6
00
7. Total tax excluding KJDA project (lines 4(d) and 5 less line 6) .........................................................
7
00
8. Total tax attributable to KJDA project (Section A, line 4 less Section B, line 7)
Continue to Part III and enter this amount on Part III, line 1 .............................................................
8
00
PART III—Limitation
1. Enter tax liability attributable to KJDA project from Part II, Section B, line 8 .................................
1
00
2. Enter limitation from Schedule KJDA-T, Column F ............................................................................
2
00
3. Allowable KJDA tax credit (lesser of line 1 or line 2) ........................................................................
3
00
Enter allowable credit on Schedule TCS, Part I, Column E and Column F
➤ Economic development project means a project authorized 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 Economic Opportunity Zone Act (KEOZ), 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).
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