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Kentucky Tax Credit Summary Schedule
Extracted from PDF file 2023-kentucky-schedule-tcs.pdf, last modified June 2023Tax Credit Summary Schedule
SCHEDULE TCS TAX CREDIT SUMMARY SCHEDULE 2023 Commonwealth of Kentucky Department of Revenue See instructions. Attach this schedule to Form 720, 720U, PTE, or 725. Name of Entity Federal Identification Number Kentucky Corporation/LLET Account Number __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ PART I—Economic Development Tax Credit Summary A Type of Project (See instructions) B Location of Project C Project Number D Allowable Credit from Each Schedule E F LLET Credit Claimed Corporation Credit Claimed 1 00 00 00 2 00 00 00 3 00 00 00 4 00 00 00 5 00 00 00 6 Total of Economic Development Tax Credits (add lines 1 through 5).................................. 00 00 PART II—Nonrefundable Tax Credits Check if received through K-1 and enter the FEIN of company issuing A B Preapproval Required C Credit Name __ __ __ __ __ __ __ __ __ D Required Attachment E LLET Credit Claimed F Corporation Credit Claimed 1 Yes Farming Operation Networking Schedule FON 00 00 2 Yes Certified Rehabilitation Certification Copies 00 00 3 No Unemployment Schedule UTC 00 00 4 Yes Recycling/Composting Equipment Schedule RC 00 00 5 Yes Kentucky Investment Fund KEDFA notification 00 00 6 No Qualified Research Facility Schedule QR 00 00 7 No GED Incentive Form DAEL-31 00 00 8 Yes Voluntary Environmental Remediation Schedule VERB 00 00 9 Yes Biodiesel Schedule BIO 00 00 10 Yes Clean Coal Incentive Schedule CCI 00 00 11 Yes Ethanol Schedule ETH 00 00 12 Yes Cellulosic Ethanol Schedule CELL 00 00 13 No Railroad Maintenance & Improvement Schedule RR-I 00 00 14 Yes Railroad Expansion Schedule RR-E 00 00 15 Yes Endow Kentucky Schedule ENDOW 00 00 16 Yes New Markets Development Program Form 8874(K)-A 00 00 17 No Distilled Spirits Schedule DS 00 00 18 RESERVED 19 No Inventory (ad valorem) Schedule INV 00 00 20 Yes Renewable Chemical Production Schedule CHEM 00 00 21 RESERVED 22 Total of Nonrefundable Tax Credits (add lines 1 through 21)............................................. 00 00 PART III—Total Nonrefundable Tax Credits 1 Total LLET credits claimed (Total of Part I, Column E, line 6 and Part II, Column E, line 22). Enter this amount on Form 720; Form PTE; Form 725, Part II, line 5; or 720U, Schedule U9, Section A, line 5 in the respective column..................................... 1 2 Total corporation income tax credits claimed (Total of Part I, Column F, line 6 and Part II, Column F, line 22). Enter this amount on Form 720, Part III, line 7 or 720U, Schedule U9, Section B, line 7 in the respective column............................................. 2 230218 41A720TCS (10-23) 00 00 Page 1 of 2 SCHEDULE TCS (2023) PART IV—Total Refundable Tax Credits A B Preapproval Required C Credit Name D Required Attachment E LLET Credit Claimed 1 Yes Certified Rehabilitation Certification Copies 2 Yes Kentucky Entertainment Incentive Certification Copies 3 Yes Decontamination Certification Copies 4 Total of Refundable Tax Credits (add lines 1 through 3). Enter this amount on Form 720, Part II, line 9; Form PTE; Form 725, Part II, line 8; or 720U, Schedule U9, Section A, line 9 in the respective column............... 00 00 00 00 INSTRUCTIONS—SCHEDULE TCS PURPOSE OF SCHEDULE This schedule is used by corporations to summarize all tax credits being claimed against income tax per KRS 141.040 and used by corporations and limited liability pass-through entities to summarize all tax credits being claimed against the LLET per KRS 141.0401. The amount of tax credit against each tax can be different. Limited liability pass-through entities do not enter income tax or LLET credits on Schedule TCS from Schedules KREDA-SP, KIDA-SP, KJRA-SP, KIRA-SP, KJDA-SP, KBI-SP, KRA-SP, IEIASP, IEBA-SP, or FON-SP. See instructions for those schedules. GENERAL INSTRUCTIONS If a taxpayer is entitled to more than one of the tax credits allowed against the taxes imposed by KRS 141.040 and/or KRS 141.0401, the priority of application and use of credits must be determined in the order that the credits are listed on Schedule TCS (KRS 141.0205). Note: There is no requirement to utilize credits from the economic development projects in any particular order. Part I—Economic Development Tax Credit Summary This part is completed by a corporation or limited liability passthrough entity having approved projects under the Kentucky Rural Economic Development Act (KREDA), Metropolitan College Consortium Tax Credit (MCC), Kentucky Small Business Tax Credit Program (KSBTC), Kentucky Selling Farmer Tax Credit (KSFTC), Kentucky Industrial Development Act (KIDA), Kentucky Jobs Retention Agreement (KJRA), Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky Business Investment Program (KBI), Kentucky Reinvestment Act (KRA), Skills Training Investment Credit Act (STICA), Incentives for Energy Independence Act (IEIA), and Incentives for Energy-related Business Act (IEBA). A corporation or limited liability pass-through entity must complete the applicable tax credit schedule (Schedules KREDA, KIDA, KJRA, KIRA, KJDA, KBI, KRA, IEIA, and IEBA) for each project. A corporation or limited liability pass-through entity claiming tax credits under the Metropolitan College Consortium Tax Credit (MCC) and Skills Training Investment Credit Act (STICA) must attach a copy of the certification(s) from the Bluegrass State Skills Corporation. 230228 41A720TCS (10-23) A corporation or limited liability pass-through entity claiming a tax credit under the Kentucky Small Business Tax Credit Program (KSBTC) or Kentucky Selling Farmer Tax Credit (KSFTC) must attach a copy of the certification from the Kentucky Economic Development Finance Authority. Complete a separate line for each project. Enter the appropriate information in Columns A, B, and C, and enter in Column D the credit limitation from the applicable tax credit computation schedule for each project. Enter in Column E the amount of credit claimed for each project against the LLET. Enter in Column F the amount of credit claimed for each project against the corporation income tax. Part II—Nonrefundable Tax Credits Check the box if the credit entered was received through a K-1 and provide the FEIN of the company issuing the K-1. Attach a statement if more than one credit is received through a K-1. Many Kentucky tax credits require preapproval for eligibility. If Column B is marked “Yes,” you must submit the required preapproved attachment shown in Column D. If Column B is marked “No,” you must still submit the required attachment, but it is not required to be preapproved. For information on the preapproval process, refer to the requirements for each credit. Part III—Total Nonrefundable Tax Credits The totals from Part I and Part II, Column E cannot reduce the LLET below the $175 minimum. The totals from Part I and Part II, Column F cannot reduce the corporation income tax liability below zero. If necessary, reduce the total amount of the credits beginning with the last credit listed. Enter the nonrefundable LLET credits (Column E) claimed on Form 720; Form PTE; Form 725, Part II, line 5; or 720U, Schedule U9, Section A, line 5 in the respective column. Enter the nonrefundable corporation income tax credits (Column F) claimed on Form 720, Part III, Line 7; or 720U, Schedule U9, Section B, line 7 in the respective column. Part IV—Total Refundable Tax Credits Many Kentucky tax credits require preapproval for eligibility. If Column B is marked "Yes," you must submit the required preapproved attachment shown in Column D. If Column B is marked "No," you must still submit the required attachment, but it is not required to be preapproved. For information on the preapproval process, refer to the requirements for each credit. Enter the LLET credits (Column E) claimed on Form 720, Part II, line 9; Form PTE; Form 725, Part II, line 8; or 720U, Schedule U9, Section A, line 9 in the respective column. Page 2 of 2
Schedule TCS
More about the Kentucky Schedule TCS Corporate Income Tax Estimated TY 2023
We last updated the Tax Credit Summary Schedule in February 2024, so this is the latest version of Schedule TCS, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule TCS directly from TaxFormFinder. You can print other Kentucky tax forms here.
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TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form PTE Instructions | Kentucky Pass-Through Entity Income and LLET Return - Instructions |
| Form 725 | Kentucky Single Member LLC Individually Owned & LLET Return |
| Form 720S | Kentucky S Corporation Income Tax and LLET Return |
| Schedule A | Apportionment and Allocation for corporations and pass-through entities taxable both within and without Kentucky - Schedule 41A720A |
| Form 92A205 | Inheritance Tax Return - Short Form |
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 TCS from the Department of Revenue in February 2024.
Schedule TCS is a Kentucky Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
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 TCS
We have a total of ten past-year versions of Schedule TCS 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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