Kentucky Tracking Schedule for a KIDA Project

Tracking Schedule for a KIDA Project
Schedule KIDA-T
*1600030242*

SCHEDULE KIDA-T
41A720-S21 (10-16)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE

TRACKING SCHEDULE
FOR A KIDA PROJECT

➤  See instructions.

KRS 154.28-010 to 140

➤  Attach to Schedule KIDA or KIDA-SP.
Name of Entity

Entity Type  	
Corporation	
	
Federal Identification Number	
	
Limited Liability Pass-through Entity			
	
General Partnership
__ __ __ __ __ __ __ __ __
	Other_________________________________________
Location of Project	
	
	

Activation Date of KIDA	
Incentive Agreement	

City               County

	A	

B	

Kentucky Corporation/LLET
Account Number

__ __ __ __ __ __
Economic Development
Project Number		

_ _ / _ _ / _ _

	

Mo.	Day	Yr.

C*	D	 E

Excess
Debt
	
	
Debt Service
Taxable
Service Payment
				
Payment/Approved
Year
or
				
Costs
Ended
Approved Costs
				
(Col. D – Col. E
				
for Prior Year)
			

KIDA Tax
Credit Limitation

KIDA Tax
Credit Claimed

	

		=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	
+	=
	*	Debt Service Payment refers to KIDA projects subject to the provisions of KRS 154.28-010 to 154.28-130 in effect prior to July 15, 2002.
Approved Costs refers to KIDA projects subject to the provisions of KRS 154.28-010 to 154.28-140 in effect after July 14, 2002.

	

41A720-S21 (10-16)

Commonwealth of Kentucky
DEPARTMENT OF REVENUE

INSTRUCTIONS—SCHEDULE KIDA-T

PURPOSE OF SCHEDULE—This schedule is used by a
company which has entered into a financing agreement
or tax incentive agreement for a Kentucky Industrial
Development Act (KIDA) project to maintain a record of
the debt service payments or approved costs, whichever
is applicable, and tax credits (income tax and the limited
liability entity tax) for the duration of the agreement.
This information is necessary for the company to
determine the limitation of the tax credit for each year
of the agreement and to allow the Kentucky Department
of Revenue to verify that the credit has been properly
computed.

Page 2

Activation Date of KIDA Incentive Agreement—For
projects which received preliminary approval from the
Kentucky Economic Development Finance Authority
(KEDFA) prior to July 15, 1996, enter the date the financing
agreement was executed. For projects which received
preliminary approval from KEDFA after July 15, 1996,
enter the date established by the approved company as
the activation date for implementation of the inducements
authorized by the financing agreement.
SPECIFIC INSTRUCTIONS

GENERAL INSTRUCTIONS

Column A—Enter on each line the ending date (month,
day and year) of the taxable year for which the information
in Columns B through E is entered.

The 2002 General Assembly amended KRS 154.28010 to 154.28-130, effective on July 15, 2002. Projects
that received preliminary approval from the Kentucky
Economic Development Finance Authority (KEDFA)
prior to July 15, 2002, and have entered into a financing
agreement no later than June 30, 2003, shall be subject
to KRS 154.28-010 to 154.28-130 as in effect prior to July
15, 2002.

Column B—This column will be blank for the first taxable
year of the agreement. For each year thereafter, if the
amount entered in Column D for the prior year exceeds
the amount entered in Column E for the prior year, enter
the difference. If the amount entered in Column E for the
prior year equals the amount entered in Column D for the
prior year, enter zero (-0-).

A s in gl e S c h e d ul e K I DA -T, Tr a c k in g S c h e d ul e
for a KIDA Project, shall be maintained for the duration
of each KIDA project. Beginning with the first taxable
year of the KIDA financing agreement or tax incentive
agreement, complete Columns A through E using
a separate line for each year of the agreement. The
company shall attach a copy of this schedule updated
with current year information to the Schedule KIDA or
Schedule KIDA-SP which is filed with the Kentucky tax
return for the year.
For Form 720, all tax credits are entered on Schedule
TCS, Tax Credit Summary Schedule. The total tax credits
calculated may exceed the amount that can be used.
Credits must be claimed in the order prescribed by KRS
141.0205. Total credits claimed cannot reduce the LLET
below the $175 minimum. Total credits claimed cannot
reduce the income tax liability below zero.

Column C—Enter the total amount of debt service
payment or approved costs, whichever is applicable in
accordance with the agreement, for the taxable year.
Debt service payment includes both principal and interest
paid in accordance with the financing agreement.
Column D—Enter the result of adding the amounts
entered in Columns B and C. Also, enter this amount on
Schedule KIDA, Part III, Line 2 or Schedule KIDA-SP, Part
I, Line 8, whichever is applicable.
Column E—The KIDA tax credit is applied against the
corporation income tax imposed under KRS 141.040
and/or the limited liability entity tax imposed under KRS
141.0401. The tax credit calculated for each tax can be
different; however, for tracking purposes, the maximum
amount used against either tax is recorded as the amount
claimed. Enter the greater of Column E or Column F from
Schedule TCS for this project.