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Kentucky Tracking Schedule for an IEIA Project
Schedule IEIA-T is obsolete, and is no longer supported by the Kentucky Department of Revenue.
Extracted from PDF file 2020-kentucky-schedule-ieia-t.pdf, last modified October 2009Tracking Schedule for an IEIA Project
SCHEDULE IEIA 41A720-S50 (10-09) Commonwealth of Kentucky DEPARTMENT OF REVENUE For taxable year ended *0900020312* __ __ / __ __ Mo. Yr. TAX CREDIT COMPUTATION SCHEDULE (FOR AN IEIA PROJECT OF CORPORATIONS) ➤ Attach this schedule to Form 720. KRS 154.27-010 to 090 Name of Corporation Federal Identification Number __ __ — __ __ __ __ __ __ __ Location of Project Date IEIA Agreement was Executed or Activation Date Kentucky Corporation/LLET Account Number __ __ __ __ __ __ Economic Development Project Number / / City County Mo. Day Yr. PART I—Computation of LLET Excluding IEIA Project 1. LLET from Form 720, Part I, line 1........................................................................................................... 1 2. LLET on IEIA project (see instructions)................................................................................................... 2 3. LLET excluding LLET on IEIA project (line 1 less line 2)........................................................................ 3 00 00 00 PART II—Computation of Taxable Net Income Excluding Net Income from IEIA Project and IEIA Tax Credit Section A–Computation of Corporation Tax 1. Enter income tax from Form 720, Part III, line 1..................................................................................... 1 2. LLET of corporation (Part I, line 1)........................................................................................................... 2 3. LLET credit allowed (line 2 less $175, but not more than Section A, line 1)........................................ 3 4. Total corporation tax (add lines 1 and 2 less line 3).............................................................................. 4 Section B–Computation of Tax Excluding IEIA Project 1. Enter taxable net income from Form 720, Part II, line 23...................................................................... 1 2. Enter net income from IEIA project, if loss enter -0-............................................................................. 2 3. Taxable income excluding net income from IEIA project (line 1 less line 2). If line 2 is greater than line 1, enter -0-................................................................................................................................. 3 4. Corporation income tax on amount of line 3: Taxable Net Income Rate 00 00 00 00 00 00 00 Tax (a) First $50,000........................ (b) Next $50,000........................ (c) All income over $100,000.... (d) Total income tax liability excluding IEIA project (add lines 4(a) through 4(c))............................. 4(d) X 4% X 5% X 6% 5. LLET excluding LLET on IEIA project (Part I, Line 3).............................................................................. 6. Enter LLET from line 5 less $175, but not more than Section B, line 4(d)........................................... 7. Total tax excluding IEIA project (add lines 4(d) and 5 less line 6)........................................................ 8. Total tax attributable to IEIA project (Section A, line 4 less Section B, line 7) Continue to Part III and enter this amount on Part III, line 1................................................................. PART III—Limitation 00 00 00 00 5 6 7 00 00 00 8 00 1. Enter tax liability attributable to IEIA project from Part II, Section B, line 8........................................ 1 00 2. Enter limitation from Schedule IEIA-T, Column E.................................................................................. 2 00 3. Allowable IEIA tax credit (lesser of line 1 or line 2)............................................................................... 3 Enter allowable credit on Schedule TCS, Part I, Column E and Column F 00 ➤ Economic development project means a project authorized under the Kentucky Industrial Development Act (KIDA), the Kentucky Rural Economic Development Act (KREDA), the Kentucky Jobs Development Act (KJDA), the Kentucky Industrial Revitalization Act (KIRA), the Kentucky Economic Opportunity Zone (KEOZ), the Kentucky Reinvestment Act (KRA), the Kentucky Job Retention Act (KJRA), the Incentives for Energy Independence Act (IEIA) or the Skills Training Investment Credit Act (STICA). The Kentucky Corporation Income Tax and LLET Return (Form 720), including this schedule must be mailed to Economic Development Tax Credits, Corporation Income and License Tax Branch, Kentucky Department of Revenue, P.O. Box 181, Frankfort, Kentucky 40602-0181. Page 2 41A720-S50 (10-09) Commonwealth of Kentucky DEPARTMENT OF REVENUE INSTRUCTIONS—SCHEDULE IEIA The IEIA tax credit is applied against the corporation income tax imposed under KRS 141.040 and/or the limited liability entity tax (LLET) imposed under KRS 141.0401. The amount of tax credit against each tax can be different, however, for tracking purposes, the maximum amount of credit used against either tax is the amount that is used for the tax year. PURPOSE OF SCHEDULE—This schedule is used by any corporation which has entered into a financing agreement or a tax incentive agreement for an Incentives for Energy Independence Act (IEIA) project to determine the credit allowed against the Kentucky corporation income tax and LLET attributable to the project in accordance with KRS 141.421. GENERAL INSTRUCTIONS Part I—Computation of LLET Excluding IEIA Project Line 2—Using Schedule LLET, compute the LLET using only the gross receipts and gross profits of the IEIA project in accordance with KRS 141.421(6)(b). Mark this schedule as IEIA and attach to the return. Part II—Computation of Taxable Net Income Excluding Net Income from IEIA Project and IEIA Tax Credit Section B Line 2—Enter net income for IEIA project. If the corporation’s only operation in Kentucky is the IEIA project, the amount entered on Line 1 must be entered on Line 2. See form for computation. Part III—Limitation Calculate IEIA tax credit based on the corporation’s tax liability, tax liability attributable to IEIA project and credit limitation from Schedule IEIA-T. Enter credit on Schedule TCS, Part I, Column E and Column F. A corporation with more than one economic development project must separately compute the tax credit derived from each project. Complete an applicable tax computation schedule (Schedule KREDA, Schedule KIDA, Schedule KJDA, Schedule KIRA, Schedule KEOZ, Schedule KRA, Schedule KJRA or Schedule IEIA) for each project. Approved companies for SkillsTraining Investment Credit (STICA) must attach a copy of the final resolution received from the Bluegrass State Skills Corporation. Alternative Methods—In accordance with KRS 141.421(7), if the approved company can show that the nature of the operations and activities of the approved company are such that it is not practical to use separate accounting to determine net income, gross receipts or Kentucky gross profits from the facility at which the project is located, the approved company shall determine net income, gross receipts or Kentucky gross profits attributable to the project using an alternative method approved by the Department of Revenue. Thus, if any method other than separate accounting is used, a copy of the letter from the Department of Revenue approving the alternative method must be attached to this schedule.
Schedule IEIA-T
More about the Kentucky Schedule IEIA-T Corporate Income Tax
We last updated the Tracking Schedule for an IEIA Project in August 2021, and the latest form we have available is for tax year 2020. 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.
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 IEIA-T.
| Form Code | Form Name |
|---|---|
| Schedule IEIA-SP | Tax Computation Schedule for a IEIA Project of a Pass-Through Entity |
| Schedule IEIA package | Incentives for Energy Independence Act (IEIA) Tax Credit Package |
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 IEIA-T from the Department of Revenue in August 2021.
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 IEIA-T
We have a total of seven past-year versions of Schedule IEIA-T 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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