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Kentucky Coal Conversion Tax Credit
Extracted from PDF file 2023-kentucky-schedule-cc.pdf, last modified October 2015Coal Conversion Tax Credit
SCHEDULE CC 41A720CC (10-15) Commonwealth of Kentucky DEPARTMENT OF REVENUE Taxable Year Ending *1500030222* __ __ / __ __ Mo. Yr. COAL CONVERSION TAX CREDIT KRS 141.041 ➤ Attach to Form 720. Name of Corporation Federal Identification Number Kentucky Corporation/LLET Account Number __ __ __ __ __ __ __ __– __ __ __ __ __ __ __ Location of coal conversion facility (street, city, county, state) (If more than one facility, complete a separate Schedule CC for each.) USE OF UNIT—To qualify, the facility must: (check appropriate box) Generate steam or hot water for space heating or materials processing. Provide direct heat for industrial processes. TYPE OF CONVERSION FOR WHICH CREDIT IS CLAIMED—To qualify, the facility must have: (check appropriate box) A. B. C. D. Replaced a non-coal burning facility with a coal-burning facility.* Installed an additional facility capable of burning coal.* Converted a non-coal facility to a coal facility.* Substituted coal for other fuels in multi-fuel facility. Enter the calendar year used as base year . Complete Parts I and III below. Date Completed Date Completed Date Completed * Attach a statement describing in detail the type of facility in use previously and the type of facility in use after replacement, addition or conversion. Complete Parts I and II below. PART I—SCHEDULE OF KENTUCKY COAL (Coal Subject to Taxation Under KRS Chapter 143) The corporation must complete. Supplier Supplier’s Coal Severance ID Number A B C D Transportation Number of Purchase Price Net Cost Expense Tons Used of Tons Used (B Minus C) Included in B a. 00 b. 00 c. 00 d. 00 e. 00 f. 00 TOTALS 00 PART II—COMPUTATION FOR NEW COAL USERS (To be completed by a corporation that checked box A, B or C above.) 1. Total from Part I, Column D................................................................................................................................. 1 2. Credit Rate is 4.5%................................................................................................................................................ 2 x 00 .045 3. Tax Credit: Multiply amount on line 1 by line 2................................................................................................ 3 00 4. LLET Credit—Enter appropriate amount from line 3 on Schedule TCS, Part II, Column E............................. 4 00 5. Corporation Income Tax Credit—Enter appropriate amount from line 3 on Schedule TCS, Part II, Column F.................................................................................................................................................... 5 00 (NOTE: This credit cannot reduce the LLET for the tax year below the $175 minimum.) 41A720CC (10-15) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 2 *1500030223* PART III—COMPUTATION OF COAL SUBSTITUTION (To be completed by a corporation that checked box D on page 1.) 1. Base year fuel input. A B C D Number of Million Million Percent of Fuel Unit Units Used BTUs/Unit BTUs/Fuel BTUs Used* (Avg.) a. Kentucky Coal Tons x = b. Non-Kentucky Coal Tons x = c. Natural Gas MCF x = d. Crude Oil Bbls. x = e. Fuel Oil Gals. x = x = f. Other: g. TOTAL of c, d, e and f............................................................................................................ h. TOTAL of a, b, c, d, e and f.................................................................................................... 100% *Compute percentages by dividing amounts in Column C, lines a through f, by amount in Column C, line h. 2. Tax year fuel input. A B C D Number of Million Million Percent of Fuel Unit Units Used BTUs/Unit BTUs/Fuel BTUs Used* (Avg.) a. Kentucky Coal Tons x = b. Non-Kentucky Coal Tons x = c. Natural Gas MCF x = d. Crude Oil Bbls. x = e. Fuel Oil Gals. x = x = f. Other: g. TOTAL of c, d, e and f............................................................................................................ h. TOTAL of a, b, c, d, e and f.................................................................................................... *Compute percentages by dividing amounts in Column C, lines a through f, by amount in Column C, line h. 100% 41A720CC (10-15) Commonwealth of Kentucky DEPARTMENT OF REVENUE *1500030224* Page 3 PART III—COMPUTATION OF COAL SUBSTITUTION (Continued) (To be completed by a corporation that checked box D on page 1.) 3. 4. 5. Enter percentage of BTUs produced by sources other than coal in base year (from line 1g, Column D)................................................................................................................................. 3 Enter percentage of BTUs produced by sources other than coal in tax year (from line 2g, Column D)................................................................................................................................. 4 Subtract line 4 from line 3. If there was no decrease in percentage of BTUs from sources other than coal from base year to tax year, then the corporation is not entitled to the coal credit ..................................................................................................................... 5 6. 7. 8. Enter percentage of BTUs produced by Kentucky coal in tax year (from line 2a, Column D)................... 6 Enter percentage of BTUs produced by Kentucky coal in the base year (from line 1a, Column D).................................................................................................................................. 7 Subtract line 7 from line 6. If there was no increase in percentage of BTUs from Kentucky coal from base year to tax year, then the corporation is not entitled to the coal credit ............................................................................................................................... 8 9. Enter million BTUs input of Kentucky coal (from line 2a, Column C).......................................................... 9 10. Compare percentages on lines 5 and 8, and enter the lesser percentage................................................... 10 11. Multiply amount on line 9 by percentage on line 10. Enter result here....................................................... 11 12. Enter average million BTUs/unit (from line 2a, Column B)........................................................................... 12 13. Divide line 11 by line 12. Enter result here..................................................................................................... 13 14. Enter average purchase price per ton (total from Part I, Column D, divided by total from Part I, Column A).......................................................................................................... 14 00 15. Multiply line 13 by line 14. Enter result here.................................................................................................. 15 00 16. Credit rate is 4.5%............................................................................................................................................. 16 x .045 17. Tax Credit: Multiply amount on line 15 by line 16........................................................................................ 17 00 18. LLET Credit—Enter appropriate amount from line 17 on Schedule TCS, Part II, Column E....................... 18 00 19. Corporation Income Tax Credit—Enter appropriate amount from line 17 on Schedule TCS, Part II, Column F............................................................................................................................................... 19 00 (NOTE: This credit cannot reduce the LLET below the $175 minimum.)
Schedule CC
More about the Kentucky Schedule CC Corporate Income Tax Tax Credit TY 2023
We last updated the Coal Conversion Tax Credit in February 2024, so this is the latest version of Schedule CC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule CC directly from TaxFormFinder. You can print other Kentucky tax forms here.
Related Kentucky Corporate Income Tax Forms:
TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky Schedule CC.
| Form Code | Form Name |
|---|---|
| Schedule CCI | Application and Credit Certificate of Clean Coal Incentive Tax Credit |
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 Schedule CC from the Department of Revenue in February 2024.
Schedule CC 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 Schedule CC
We have a total of eleven past-year versions of Schedule CC 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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