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Kentucky Kentucky New Markets Development Program Tax Credit Request for Refund of Performance Fee
Form 8874(K)-C is obsolete, and is no longer supported by the Kentucky Department of Revenue.
Extracted from PDF file 2019-kentucky-form-8874k-c.pdf, last modified October 2015Kentucky New Markets Development Program Tax Credit Request for Refund of Performance Fee
8874(K)-C 41A720-S83 (5-15) Commonwealth of Kentucky DEPARTMENT OF REVENUE KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT REQUEST FOR REFUND OF PERFORMANCE FEE ➤ 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 Number and Street (taxpayer’s address) D Certified purchase price of – the qualified equity investment City State Zip Code $ E Date of this request for refund of performance fee / / Mo. Day F What type of entity is the CDE? ¨ Corporation ¨ Limited Liability Pass-through Entity ¨ General Partnership ¨ Other____________________________________________ Yr. 1. Enter the amount of the qualified equity investment certified by the department which the CDE received cash in exchange for qualified equity investment within 90 days after the qualified equity investment was certified........................................................................................................ 2. Enter the amount of the qualified equity investment in qualified active low-income community businesses located in the Commonwealth 12 months after the CDE received cash in exchange for the qualified equity investment.................................................................................................................. % 3. Divide line 2 by line 1 and enter the resultant percentage here.................................................................... 100% 4. Percentage required to be invested outlined under KRS 141.433(6)......................................................... 5. If line 3 is smaller than line 4, subtract line 3 from line 4 and enter the resultant percentage here; % otherwise, enter 0%.................................................................................................................................... 6. Enter the refundable performance fee paid by the CDE............................................................................. 7. Multiply the percentage on line 5 by the amount on line 6, this is the amount of the forfeited performance fee.......................................................................................................................................... 8. Subtract the amount on line 7 from the amount on line 6 and enter here; this is the amount of performance fee to be refunded................................................................................................................. Under the penalty of perjury, I declare that I have examined the information on this form, including all accompanying documents and statements, and to the best of my knowledge and belief, it is true, correct, and complete. By:__________________________________________________________ Signature of executive officer of CDE __________________________________________________ Date Print name:___________________________________________________ Title:_________________________________________________________ Department of Revenue Use Only A refund of the performance fee is approved in the amount of................................................ ______________________ By: ___________________________________________ Date: ______________________ Mail to Department of Revenue, Division of Corporation Tax, Station 52, 501 High Street, Frankfort, KY 40601-2103. 41A720-S83 (8874(K)-C) (5-15) Page 2 Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT REQUEST FOR REFUND OF PERFORMANCE FEE KRS 141.433(8)(c)3 provides that a qualified community development entity (CDE) may request a refund of the performance fee no sooner than thirty (30) days after having met all the requirements of KRS 141.433(8). The refund request shall be made in writing to the department (the submission of this form shall comply with this requirement). The department shall review the refund request within thirty (30) days, and shall either comply with the request and issue the refund of the performance fee, without interest, if the CDE has met all of the requirement of KRS 141.433(8), or give written notice to the CDE that it is noncompliant and subject to possible forfeiture of the fee. The entire amount of the fee shall be forfeited if the CDE, or any subsidiary of the CDE, fail to issue the total amount of qualified equity investment certified by the department and receive cash in exchange therefore within ninety (90) days after receipt of the notice of certification. A portion of the performance fee shall be forfeited if the CDE, or any subsidiary of the CDE, that issues a qualified equity investment certified by the department fails to meet the percentage of investment required by KRS 141.433(6) by the first allowance date of the qualified equity investment. The forfeiture shall be proportionate to the amount of the qualified equity investment that is not invested as required by KRS 141.433(6). Forfeiture of the fee shall be subject to the ninety (90) day cure period allowed under KRS 141.433(6)(b). SPECIFIC INSTRUCTIONS Line 3—Convert Line 3 to a percentage carried out to two decimal places. In the case of a qualified equity investment issued on or after January 1, 2014, at least one hundred percent (100%) of the purchase price of the qualified equity investment in qualified low-income community investments in qualified active low-income community businesses located in the Commonwealth within twelve (12) months of the issuance of the qualified equity investment and maintain this level of investment in qualified low-income community investments in qualified active low-income community businesses located in the Commonwealth until the last credit allowance date for the qualified equity investment. In this case, the department’s recapture shall be proportionate to the amount of the redemption or repayment with respect to the qualified equity investment. REQUIRED ATTACHMENTS Proof of certification and proof that the requirements under KRS 141.433(8)(d) have been met are required to be included with the submission of this form.
Form 8874(K)-C
More about the Kentucky Form 8874(K)-C Corporate Income Tax Tax Credit
We last updated the Kentucky New Markets Development Program Tax Credit Request for Refund of Performance Fee 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.
Other Kentucky Corporate Income Tax Forms:
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View all 130 Kentucky Income Tax Forms
Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 8874(K)-C from the Department of Revenue in May 2021.
Form 8874(K)-C 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)-C
We have a total of four past-year versions of Form 8874(K)-C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2015 Form 8874(K)-C
8874(K)-C
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