Kentucky Tracking Schedule for a KJRA Project

Tracking Schedule for a KJRA Project
Schedule KJRA-T
SCHEDULE KJRA-T

*1600010294*

41A720-S46 (10-16)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE

TRACKING SCHEDULE
FOR A KJRA PROJECT

➤  See instructions.
➤  Attach to Schedule KJRA or KJRA-SP.

KRS 154.25-010 to 050

Name of Entity

Entity Type	

Corporation		
Limited Liability Pass-through Entity	
   	
Federal Identification Number	
	
General Partnership		
	Other_________________________________________
__ __ __ __ __ __ __ __ __

	

	

	

Location of Project	
		

Kentucky Corporation/LLET
Account Number

__ __ __ __ __ __

Activation Date of KJRA	
Incentive Agreement 	

City	County

	

Economic Development
Project Number

_ _ / _ _ / _ _
Mo.	Day	 Yr.

	
A	
B	C	
D	
E	F	G

		
Taxable
Year
Ended

Balance of Approved
Cost
Col. F – Col. G
(Prior Year)

Approved Cost
Initial/Supplemental

Transferred
Credits

Employee Wage
Assessments
Withheld

KJRA
Tax Credit
Limitation

KJRA
Tax Credit
Claimed

41A720-S46
(10-16)
	

Page 2

Commonwealth of Kentucky
DEPARTMENT OF REVENUE

INSTRUCTIONS—SCHEDULE KJRA-T
PURPOSE OF SCHEDULE—This schedule is used by a
company which has entered into an agreement for a
Kentucky Jobs Retention Agreement (KJRA) project to
maintain a record of the approved costs and tax credits
(income tax and the limited liability entity tax (LLET))
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.
GENERAL INSTRUCTIONS
A s i n g l e Sch e d u l e K J R A - T, Tr a ck i n g Sch e d u l e
for a KJRA Project, shall be maintained for the duration
of each KJRA project. Beginning with the first taxable year
of the KJRA agreement, complete Columns A through G
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 KJRA or
Schedule KJRA-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.
SPECIFIC 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 G is entered.

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 F for the prior year exceeds
the amount entered in Column G for the prior year, enter
the difference. If the amount entered in Column G for the
prior year equals the amount entered in Column F for the
prior year, enter zero (-0-).
Column C—Enter the portion of the eligible costs approved
by the authority that an approved company may recover
through inducements. The negotiated percentage cannot
exceed 50 percent of the approved costs for the initial
project; however, the Kentucky Economic Development
Finance Authority (KEDFA) may negotiate an increase
in the percentage such that both the initial project and
the supplemental project are eligible for 75 percent
of approved costs upon approval of a supplemental
project.
Column D—Enter the balance of unused approved costs
from a previously existing KIDA or KJDA project to be
transferred to the KJRA project.
Column E—Enter the amount of wage assessments
withheld.
Column F—Enter the KJRA limitation. This is the total of
Columns B through D less Column E.
Column G—The KJRA tax credit is applied against the
income tax imposed by KRS 141.020 or KRS 141.040
and the LLET imposed by 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.