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Kentucky Notice of Kentucky New Markets Development Program Tax Credit Recapture
Form 8874(K)-B is obsolete, and is no longer supported by the Kentucky Department of Revenue.
Extracted from PDF file 2019-kentucky-form-8874k-b.pdf, last modified October 2016Notice of Kentucky New Markets Development Program Tax Credit Recapture
8874(K)-B *1600010321* 41A720-S82 (5-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE NOTICE OF KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT RECAPTURE KRS 141.433 ➤ See instructions. A Name of Qualified Community B Federal Identification Number Development Entity (CDE) of CDE C Kentucky Corporation/LLET Account Number (if applicable) of CDE D Name of taxpayer making the qualified F – E Identification number of taxpayer equity investment – Kentucky Corporation/LLET Account Number (if applicable) of taxpayer G Certified purchase price of Number and Street (taxpayer’s address) the taxpayer’s qualified equity investment City State Zip Code $ H Date the CDE received cash for taxpayer’s I qualified equity investment / / Mo. Day What type of entity is the taxpayer? ¨ General Partnership ¨ Individual ¨ Estate ¨ Trust ¨ Corporation ¨ S Corporation ¨ Limited Liability Pass-through Entity Yr. J Date taxpayer’s qualified equity investment was subject to recapture K Explanation of recapture / / Mo. Day Yr. Original Tax Credit 1. Total (add lines 2a through 2g)............... 2. a. Year 1.................................................... b. Year 2.................................................... c. Year 3.................................................... d. Year 4.................................................... e. Year 5.................................................... f. Year 6.................................................... g. Year 7.................................................... Decrease of Tax Credit Balance of Tax Credit Tax Credit Claimed by Taxpayer 0 0 0 0 0 0 0 0 3. If the Tax Credit Claimed by Taxpayer on line 1 is greater than the Balance of Tax Credit on line 1, enter the recapture of the tax credit on this line........................................................................................ 4. If the Balance of Tax Credit on line 1 is greater than the Tax Credit Claimed by Taxpayer on line 1, enter the balance of the tax credit on this line....................................................................................... Department of Revenue Use Only By: ___________________________________________ Date: ______________________ 41A720-S82 (8874(K)-B) (5-16) Page 2 Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—NOTICE OF KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT RECAPTURE If there is an event as provided by KRS 141.433(6) which would result in the recapture of any portion of the tax credit previously approved: (i) the qualified community development entity (CDE) shall notify the department upon discovery of such event; or (ii) the department upon discovery of such event or after receiving notice from the CDE of such event shall provide written notice (via certified mail) of the proposed recapture to the CDE as provided by KRS 141.433(6)(b). If the CDE fails or is unable to cure the deficiency within ninety (90) days after receiving the department’s original notice of recapture as provided by KRS 141.433(6)(b), a copy of this form (Form 8874(K)-B) will be sent by the department to the CDE and each taxpayer showing the amount of the tax credit recapture or balance of the tax credit. If the taxpayer is a pass-through entity, a Form 8874(K)-B will also be sent to each partner, member or shareholder showing the partner’s, member’s or shareholder’s tax credit recapture or balance of the tax credit. If Form 8874(K)-B, Line 3 shows a recapture of tax credit, the taxpayer or a partner, member or shareholder of a taxpayer shall attach a copy of Form 8874(K)-B to the tax return for the tax year that includes the credit recapture date and enter the tax credit recapture on the applicable line of the tax return. If Form 8874(K)-B, Line 4 shows a tax credit balance, the taxpayer or a partner, member or shareholder of a taxpayer shall attach a copy of Form 8874(K)-B to the tax return each year to claim the tax credit against the taxes imposed by KRS 141.020, 141.040, 141.0401, 136.320, 136.330, 136.340, 136.350, 136.370, 136.390 or 304.3-270.
Form 8874(K)-B
More about the Kentucky Form 8874(K)-B Corporate Income Tax Tax Credit
We last updated the Notice of Kentucky New Markets Development Program Tax Credit Recapture in May 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Kentucky Department of Revenue. You can print other Kentucky tax forms here.
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Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 8874(K)-B from the Department of Revenue in May 2021.
Form 8874(K)-B is a Kentucky Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 Form 8874(K)-B
We have a total of six past-year versions of Form 8874(K)-B in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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