Preliminary Authorization of the Endow Kentucky Tax Credit Application

Based on the information provided from the Kentucky application for the preliminary authorization of the Endow Kentucky tax credit, here’s a comprehensive line-by-line guide for completing the form:

The Endow Kentucky Tax Credit is a state tax credit available to individuals or businesses that make endowment gifts to qualified community foundations or related entities. This tax credit, authorized under KRS 141.438, encourages philanthropic contributions to permanent endowments held by approved foundations, supporting community projects across Kentucky. The application for preliminary authorization is required for taxpayers seeking this credit.

How to File the Application for Preliminary Authorization

To file for the Endow Kentucky Tax Credit, you must submit the application to the Kentucky Department of Revenue using one of the following methods:

  • Email: Send the completed form to [email protected].
  • Fax: Send to 502-564-0058.
  • Hand-delivery: Submit in person to the Department of Revenue, 1st-floor security desk at 501 High Street, Frankfort, Kentucky. You may contact the office at 502-564-8139 to request an employee from the Tax Credits Section.

Note: It is recommended not to mail the application due to its time-sensitive nature.

Line-by-Line Instructions for Preliminary Authorization of the Endow Kentucky Tax Credit Application

Line-by-Line Instructions

Section A: Taxpayer Information

  1. Name of Taxpayer: Enter your full legal name as it appears on official documents.
  2. Federal Identification Number or Social Security Number: Provide either your Federal ID number (for businesses) or your Social Security Number (for individuals).
  3. Kentucky Corporation/LLET Account Number (if applicable): If applicable, provide your Kentucky corporation or Limited Liability Entity Tax (LLET) number.
  4. Street Address or P.O. Box: Enter your complete address, including the P.O. Box if applicable.
  5. Telephone: Include a valid phone number where you can be reached.
  6. E-mail Contact: Provide your email address for communication regarding your application.

Section D: Type of Entity

  • Individual: Select if you are an individual taxpayer.
  • Estate: If you are filing for an estate, select this option.
  • Trust: Choose this if you are filing for a trust.
  • Corporation: For corporations, select this option.
  • Limited Liability Pass-through Entity: Select for LLCs that pass through income to members.
  • General Partnership: For general partnerships, select this.
  • Other: Choose this for any other type of entity not listed.

Section E: Submission Date of Application

  • Enter the date when you are submitting the application in the MM/DD/YYYY format.

Section F: Amount of Endowment Gift

  • Specify the dollar amount of the endowment gift you are making to the qualified community foundation or fund.

Section G: Amount of Tax Credit

  • Enter the amount of the Endow Kentucky tax credit you are applying for, based on your endowment gift.

Section H: Name of Qualified Community Foundation

  • Provide the name of the qualified community foundation receiving the gift. This foundation must be certified under KRS 147A.325.

Section I: Federal Identification Number

  • Enter the federal identification number of the community foundation.

Section J: Permanent Endowment Fund or County-Specific Component Fund

  • If applicable, list the name of the permanent endowment fund or county-specific component fund that is receiving the gift.

Section K: Signature and Declaration

  1. Signature of Taxpayer or Authorized Representative: Sign the application to verify its truthfulness and correctness.
  2. Date: Enter the date of signature.
  3. Print Name: Print the name of the taxpayer or representative signing the form.
  4. Title: If you are an authorized representative, enter your title.

Consent to Release Preliminary Authorization

If you would like the preliminary approval of the tax credit to be disclosed to the community foundation or component fund, you must fill out the Consent to Release Preliminary Authorization section:

  • Taxpayer’s Name: Enter your name.
  • Name of Qualified Community Foundation: Provide the name of the recipient community foundation or fund.
  • Signature: The taxpayer must sign this section to authorize the release of information to the community foundation.

Submission Confirmation

Once you’ve completed all the required sections and signed the form, submit it via the chosen method (email, fax, or hand-delivery).

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