Alabama Project/Distributing Entity Share Of Capital Credit

Project/Distributing Entity Share Of Capital Credit
Schedule KRCC
FORM

KRCC

Reset Form

*XX0001KR*
Alabama Department of Revenue

Project/Distributing Entity Share Of Capital Credit
For the tax year beginning • ____________________, 20_____ and ending • ____________________, 20_____.

A completed Form K-RCC must be filed with the recipient's income tax return. For the Project / Distributing Entities, Form K-RCC distributions
must be submitted in MAT for each owner by following directions for claiming a credit, see the Schedule PC or Schedule FC instructions. A copy
of the Form K-RCC must be included with the entity’s income tax return. Do not complete this form if the project entity is a C Corporation.
PART I - RECIPIENT INFORMATION

Recipient’s Name: •

FEIN or Soc. Sec. No.: •

Address:

Telephone No.: (

City:

)

State:

ZIP:

PART II - PROJECT INFORMATION

Project Number: •

Project Entity Name: •

Address of Project:

Distributing Entity Name: •

Project's Placed in Service Date: •
1.
2.
3.
4.
5.

Distributing Entity FEIN: •
PART III - CAPITAL CREDIT CALCULATION

Project income allocated to Alabama (See instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recipient’s percentage (%) of allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recipient’s share of project income in Alabama (multiply line 1 by line 2) . . . . . . . . . . . . . . . . . .
Capital credit available for this tax year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recipient's share of capital credit available for this tax year (multiply line 4 by line 2) . . . . . . . . .

1
2
3
4
5

•
•
•
•
•

%

The capital credit available (line 4) may be limited based on the tax attributed to the owner’s share of project income. Schedule KRCC-I or Schedule
KRCC-B must be completed by the recipient to determine the amount of capital credit available to be utilized on the owner’s tax return. If the recipient is a pass-through entity, Form K-RCC must be attached to the pass-through entity's return. If the recipient is an individual, the Form K-RCC and
a completed Schedule KRCC-I must be attached to the individual's income tax return. If the recipient is a C Corporation or a trust that is claiming the
credit on its return, the Form K-RCC and a completed Schedule KRCC-B must be attached to the income tax return.
I, as an authorized representative of the project entity or distributing entity, certify the Form K-RCC is being provided to the owner of the pass through
entity allowed a capital credit. I have completed this form, and to the best of my knowledge and belief, they are true, correct, and complete. I can be
contacted for questions concerning this form.

•
Name of Representative for Project/Distributing Entity

Signature of Representative

•(
)
Telephone Number of Representative

•
Date

ADOR

Instructions for Preparing Form K-RCC
Any pass-through entity (e.g. S corporation, partnership, LLC, etc.) that is entitled to receive an Income Tax Capital Credit provided for
under § 40-18-190 through § 40-18-203, Code of Alabama 1975 must complete Form AR-PTE before completing Form K-RCC for
each owner. If the project entity is a pass-through entity, the project entity will allocate the project income and capital credit available of
the qualifying project to its shareholders, beneficiaries, partners, etc., by completing and providing a Form K-RCC to each recipient. If
the recipient receiving the Form K-RCC is a distributing entity (e.g. S corporation, partnership, LLC, etc.) which receives a share of the
capital credit from the project and will allocate the portion it has received to its shareholders, beneficiaries, partners, etc., the recipient
must complete a Form K-RCC for each of its recipients. The entity completing the Form K-RCC must provide contact information and
sign the Form K-RCC before forwarding to the recipient. A Form K-RCC must be completed for each qualifying project.
Project Entity Instructions for Part III

Distributing Entity Instructions for Part III

Line 1- Enter the project entity’s project income allocated to Alabama. This amount should be retrieved from the amount under
“Total project income allocated and apportioned to project” from the
“Review Submission” section of the “Annual Report for Capital
Credit” (Form AR) as submitted through MAT.
Line 2 - Enter the recipient’s percentage of ownership in the passthrough entity.
Line 3 - Multiply line 2 by line 1.
Line 4 - Enter the project entity’s capital credit available for the
qualifying project. This amount should be retrieved from the
amount under “Capital Credit available for this year” from the “Review Submission” section of the “Annual Report for Capital Credit”
(Form AR) as submitted through MAT.
Line 5 - Multiply line 4 by line 2.

Line 1 - Enter the distributing entity’s project income allocated to
Alabama from the distributing entity's Form K-RCC, Part III, line 1.
Line 2 - Enter the recipient’s percentage of ownership in the passthrough entity.
Line 3 - Multiply line 2 by line 1.
Line 4 - Enter the distributing entity’s capital credit available for the
qualifying project from the distributing entity's Form K-RCC, Part III,
line 5.
Line 5 - Multiply line 4 by line 2.