Kentucky Tracking Schedule for a KRA Project

Tracking Schedule for a KRA Project
Schedule KRA-T
SCHEDULE  KRA-T
41A720-S37 (10-11)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE

*1100020251*
TRACKING SCHEDULE
FOR A KRA PROJECT

➤  See instructions.

KRS 154.34-010 to 120

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

Entity Type	
	

	
	

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

Location of Project	
	

Activation Date of KRA	
Incentive Agreement	

	

	City                 County

Kentucky Corporation/LLET
Account Number

__ __ __ __ __ __
Economic Development
Project Number	

_ _ / _ _ / _ _
Mo.	

Day	

Yr.

				
A	

B	

C

Taxable
Year Ended

Balance of
Approved Costs

KRA Tax Credit Claimed

	 41A720-S37 (10-11)

Page 2

Commonwealth of Kentucky
DEPARTMENT OF REVENUE

INSTRUCTIONS—SCHEDULE KRA-T
PURPOSE OF SCHEDULE—This schedule is used by
a company which has entered into a reinvestment
agreement for a Kentucky Reinvestment Act (KRA)
project to maintain a record of the balance of approved
costs and income tax, limited liability entity tax and
license tax credits for the duration of the agreement.This
information is necessary for the company to determine
the limitation of the tax credit throughout the life of the
project and to allow the Kentucky Department of Revenue
to verify that credit has been properly computed.
GENERAL INSTRUCTIONS
A single Schedule KRA-T, Tracking Schedule for a KRA
Project, shall be maintained for the duration of each
KRA project. Beginning with the first taxable year of
the KRA reinvestment agreement, complete Columns
A through C using a separate line for each tax year of
the reinvestment agreement. The company shall attach
a copy of this schedule updated with current year
information to the Schedule KRA or Schedule KRA-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
and year) of the taxable year for which the information
requested in Columns B and C is entered.
Column B—For the taxable year that includes the
activation date of the reinvestment agreement, enter
total approved costs verified by the Kentucky Economic
Development Finance Authority. For each year thereafter,
enter the balance of approved costs after subtracting
the prior year’s income tax credit claimed from the prior
year’s approved costs. Also, enter on Schedule KRA, Part
III, Line 2 or Schedule KRA-SP, Part I, Line 8, whichever
is applicable.
Column C—The KRA 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 amount
claimed. Enter the greater of Column E or Column F from
Schedule TCS for this project.