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Kansas Alternative Fuel Credit K-62

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Kansas Alternative Fuel Credit K-62

Answer

http://www.ksrevenue.org/taxcredits-altfuel.html

Beginning in tax year 2013, this credit shall only be available to corporations that are subject to the Kansas corporate income tax, i.e. C corporations. This credit shall not be available to individuals, partnerships, S corporations, limited liability companies, and other pass-through entities.

Any person, association, partnership, limited liability company, limited partnership, or corporation who owns and operates a qualified alternative-fueled motor vehicle licensed in the State of Kansas or who makes an expenditures for a qualified alternative-fuel fueling station during the tax year qualifies for an income tax credit.

QUALIFICATIONS

The taxpayer must:

  • make expenditures for a qualified alternative-fueled motor vehicle; or,
  • make expenditures for a qualified alternative-fuel fueling station.

Credit Amount

For any qualified alternative-fueled motor vehicle placed in service on or after Jan. 1, 1996 and before Jan. 1, 2005, the credit is 50 percent of the incremental cost or conversion cost for each qualified alternative-fueled motor vehicle, up to a maximum of $3,000 per qualified vehicle with a gross weight of less than 10,000 lbs.; $5,000 for a heavy duty motor vehicle with a gross vehicle weight of greater than 10,000 lbs. but less than 26,000 lbs.; and $50,000 for motor vehicles having a gross vehicle weight of greater than 26,000 lbs.

For any qualified alternative-fueled motor vehicle placed in service on or after Jan. 1, 2005, the credit is 40 percent of the incremental cost or conversion cost for each qualified alternative-fueled motor vehicle, up to $2,400 per qualified vehicle with a gross vehicle weight of less than 10,000 lbs.; $4,000 for a heavy duty motor vehicle with a gross vehicles weight of greater than 10,000 lbs. but less than 26,000 lbs.; and $40,000 for motor vehicles having a gross vehicle weight of greater than 26,000 lbs.

For any qualified alternative-fuel fueling station placed in service on or after Jan. 1, 1996, and before Jan. 1, 2005, the credit is 50 percent of the total amount expended for each qualified alternative-fuel fueling station but not to exceed $200,000 for each fueling station.

For any qualified alternative-fuel fueling station placed in service on or after Jan. 1, 2005, and before Jan. 1, 2009, the credit is 40 percent of the total amount expended for each qualified alternative-fuel fueling station, up to $160,000 for each fueling station.

For any qualified alternitive-fuel fueling station placed in service on or after Jan. 1, 2009, an amount equal to 40 percent of the total amount expended for each qualified alternative-fuel feuling station, but not to exceed $100,000 for each fueling station.

If no credit is claimed for any of the above, a credit will be allowed in an amount not to exceed the lesser of five percent of the cost of the vehicle or $750 to any taxpayer who purchases a motor vehicle equipped by the vehicle manufacturer with an alternative fuel system and who is unable or elects not to determine the exact basis attributable to such property.

The credit for motor vehicles which are capable of operating on a blend of 85 percent ethanol and 15 percent gasoline shall be allowed for taxable years commencing after Dec. 31, 1999, only if the individual claiming the credit furnishes evidence of the purchase, during the period of time beginning with the date of purchase of the vehicle and ending on Dec. 31 of the next succeeding calendar year, of 500 gallons of ethanol and gasoline blend as may be required.

LIMITATION OF CREDIT

The amount of credit which exceeds the tax liability may be carried forward to the next three tax years or until used whichever is earlier.

For those alternative-fuel fueling stations placed in service on or after Jan. 1, 2009, the amount of credit which exceeds the tax liability may be carried forward to the next four tax years or until used, whichever is earlier.


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Article Details
Views: 1160 Created on: Jun 15, 2013
Date updated: Jan 03, 2019
Posted in: States, Kansas

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