You need to complete Form K-76 to compute this credit. You must retain Form K-76 and supporting documentation with your copy of your return.
K.S.A. 79-32,212 created an income tax credit in an amount equal to 100% of the amount attributable to the retirement of indebtedness authorized by a single city port authority established before January 1, 2002. Upon certification by Secretary of Revenue of the amount of the credit to the Director of Accounts and Reports, a warrant for the amount of the credit will be issued. Such payment is deemed to be a capital contribution. The total of all credits allowed cannot exceed $500,000 for any one fiscal year. The credit is available for taxable years 2002 through 2021.
For tax year 2013, and all tax years thereafter, this credit shall be available to only corporations that are subject to the Kansas corporate income tax (i.e.,C corporations). This credit shall no longer be available to individuals, partnerships, S corporations, limited liability companies, and other pass-through entities.