Form 765-Gp - Kentucky General Partnership Income Return - 2012 Page 2
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16HB 539 – Provisions effective July 12, 2012
The agreement for a Kentucky Industrial Revitalization Act
project shall not be longer than the earlier of: (i) the date on
Kentucky Industrial Revitalization Act—KRS 154.26-010 was
which the approved company has received inducements or
amended to allow a supplemental project during the term of
withheld assessments equal to the amount that the company
a previously approved Kentucky Industrial Revitalization Act
may recover; or (ii) ten (10) years from the date of the execution
project. A supplemental project eligible company means an
of the agreement or any longer term negotiated as part of an
approved company that: (i) has expended approved costs of at
amended agreement not to exceed an additional ten (10) years,
least $50 million on an existing approved Kentucky Industrial
for a maximum of twenty (20) years if a supplemental project
Revitalization Act project; and (ii) employs a minimum of
is approved.
seven hundred fifty (750) employees at the site of the Kentucky
Industrial Revitalization Act project.
FILING FORM GUIDE
Kentucky Form and Tax
Corporation
Form
Income
Type of Entity
Required
Tax
LLET
1. C corporation
720
Yes
Yes
2. C corporation (nexus consolidated group as provided
by KRS 141.200(11))
720
Yes
Yes
3. Publicly traded partnership (taxed as a corporation
for federal income tax purposes)
720
Yes
Yes
4. S corporation
720S
Yes *
Yes
5. Single member limited liability company whose
single member is an individual
725
No
Yes
6. Limited liability company (two or more members)
765
No
Yes
7. Limited partnership
765
No
Yes
8. Limited liability partnership
765
No
Yes
9. General partnership
765–GP
No
No
10. Publicly traded partnership (taxed as a partnership
for federal income tax purposes)
765–GP
No
No
* If the S corporation has b uilt–in gains, passive investment income or installments of tax on the recapture
of LIFO benefits as provided by KRS 141.040(14), corporation income tax is due.
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