750: Business Development Corporation Tax Return (2025)
Kentucky · Kentucky DOR · Used for tax years 2025
Kentucky Form 750 is the Business Development Corporation Tax Return. It reports the corporation’s income, deductions, taxable net income, and total tax, with supporting schedules for income and expenses.
Who files this form
Kentucky Form 750 is only for business development corporations organized under KRS 155.020. The filing instructions say it should be filed only by corporations authorized by Chapter 155 of the Kentucky Revised Statutes.
When it's due
For tax year 2025, the return must be filed by June 1 after the close of the calendar year. The full amount of tax must be paid when the return is filed.
What you'll need
Have the following information and records ready:
- The corporation’s federal identification number, incorporation date, Kentucky Corporation/LLET account number, name, and address.
- Books and records showing income, expenses, beginning and ending balance sheets, and earned surplus information.
- Information for the applicable schedules, including costs of goods sold or operations, dividends, officer compensation, bad debts, taxes, contributions, depreciation, amortization, and other deductions.
- Federal Schedule D for reporting sales or exchanges of property, to be filed with the return.
- Supporting schedules requested by the form, including those for other income, casualty or theft losses, depletion, and each line of Schedule I for depreciation and amortization.
- A copy of any IRS changes to taxable income, if the IRS made changes.
- The Kentucky Employer Withholding Number and, if the corporation has a Kentucky Retail Sales and Use Tax Permit, its permit number.
How to file
Complete the return and applicable schedules, answer the questions on page 4, and have an officer sign and date the return.
Make the check payable to Kentucky State Treasurer. Mail the check with the return to:
Department of Revenue
Frankfort, Kentucky 40620-0020
Pay the full amount of tax when filing.
Common mistakes
- Using Form 750 for a corporation that is not authorized under Chapter 155. The form is only for qualifying business development corporations.
- Entering a six-digit Kentucky Corporation/LLET account number without leading zeros. The form requires nine digits.
- Deducting salaries and wages on line 14 that were already deducted elsewhere.
- Including improvements or capital expenditures in the repairs deduction on line 16.
- Including federal taxes measured by income in Schedule G. The schedule says not to include them.
- Omitting required supporting schedules. Schedule I specifically requires a detailed supporting schedule for each line.
- Leaving out a copy of IRS changes to taxable income when answering “Yes” to that question on page 4.
Questions people ask
How is the tax calculated?
Line 32 requires the greater of 4.5% of taxable net income on line 30 or $10.
What income and deductions should the corporation report?
The instructions say taxable net income for Kentucky purposes is the same as “book income.” Report the income and deduction items shown in the corporation’s accounting books and records, without income-tax adjustments or special treatment. Do not include income specifically exempted by the Kentucky Constitution or the Constitution or laws of the United States.
Which cost schedule should the corporation use?
Use Schedule A for cost of goods sold when inventories are an income-determining factor. Use Schedule B for cost of operations when inventories are not an income-determining factor.
Does this payment replace other Kentucky taxes?
The instructions say payment of the tax determined by this return is accepted in lieu of the state income tax imposed by KRS 141.040 and the tax imposed by KRS 141.0401.