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Screen KYCr - Kentucky Credits (1040)
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Overview
Use this screen to complete Forms 740 and 740-NP. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-KY displays it on the form only, not in the input screen.
General Credit Information
Qualifying children not claimed as dependents
Use the statement window to enter qualifying children for the Family size tax credit that aren't claimed as dependents.
Qualifying child information is shown on Forms 740 and 740-NP, Page 3, Section C.
Federal adjusted gross income from spouse's separate return
If filing status is Married-filing separate returns, enter the Federal AGI from the spouse's separate Kentucky return. This is used to complete the Kentucky Family Size Tax Credit Worksheet.
Business Incentive and Other Credits
When calculating the 5-year credit carryovers, UltraTax/1040-KY first offsets tax by all the nonrefundable and other non-carryover credits and then applies the 5-year credits: first, the Small Business Investment Credit then the Endow Credit.
Nonrefundable certified rehabilitation credit
Enter the amount of credit for certified rehabilitation expenses. The credit may be carried forward up to seven years.
Investment fund credit
Enter the amount certified by the Kentucky Economic Development Finance Authority (KEDFA). UltraTax CS calculates and limits the amount of the credit.
Qualified research facility tax credit
Enter credit from Schedule QRFTC. Attach a copy of Schedule QRFTC. Any unused credit may be carried forward 10 years.
Employer GED incentive credit
Enter the sum of the credits reflected on Form(s) DAEL-31 or Schedule(s) K-1. Attach a copy of the GED-Incentive Program Final Report (Form DAEL-31), for each employee that completed a learning contract during the taxable year. Shareholders and partners should attach a copy of Schedule K-1 showing the amount of credit distributed.
Environmental remediation credit (VERB)
Enter the amount of credit for voluntary environmental remediation property and attach Schedule VERB. Maximum credit enabled to be claimed per taxable year is 25 percent of approved credit.
Ethanol credit
Enter the amount of credit for ethanol produced in Kentucky and attach Schedule ETH.
Cellulosic ethanol credit
Enter the amount of credit for cellulosic ethanol produced in Kentucky and attach Schedule CELL.
New markets development program credit
Enter the amount of New Markets development credit. Amounts not utilized in
2022
will proforma to 2023
.Distilled spirits credit
Enter the amount of credit for the distilled spirits credit and attach Schedule DS.
Distilled spirits credit recapture
Enter the amount of credit recapture for the distilled spirits credit and attach Schedule DS.
Angel investor credit
Enter the amount of credit for the angel investor credit. The credit may be carried forward for 15 years. The maximum amount of credit claimed per taxable year is 50% if in an enhanced incentive county; otherwise the credit is limited to 40%.