Effective for all taxable years beginning after Dec. 31, 1997 and before Jan. 1, 2012.
Any taxpayer may claim an income or privilege tax credit for personal property tax paid on commercial and industrial machinery and equipment.
The property tax must have been levied and timely paid during the tax year for which the credit is taken.
The machinery and equipment must be classified for property taxation purposes as subclass 2, 5 or 6 of class 2 under section 1 of article 11 of the Kansas Constitution.
The credit is 15 percent of the personal property tax levied for property tax years 2002, 2003, and 2004, 20 percent of the property tax levied for property tax years 2005 and 2006, and 25 percent of the property tax levied for property tax year 2007 and all such years thereafter, actually and timely paid on specific commercial and industrial machinery and equipment.
Machinery and Equipment Refund
The amount of credit which exceeds the tax liability for a taxable year is refunded to the taxpayer.