K.S.A. 79-32,160(f) requires that taxpayers claiming the business and job development credit provide information aimed at helping the legislature assess the economic impact of this credit. This information is captured on line 8b and lines A & B under Payroll Information – these lines are not to be used to calculate the credit.
The Business and Job Development Credit (K-34) Defined. This credit is a non-refundable tax credit applied against income tax or privilege tax. It is allowable to any Kansas taxpayer who shall invest in a qualified business facility (QBF) and who shall hire a certain number of qualified business facility employees (QBFE) as a direct result of that QBF investment. There is no minimum amount of investment necessary to qualify; however, some investment must have been made.
Schedule K-34 tracks employees and investments for the life of each credit. Schedule K-34, Part B should be completed and submitted for every credit claimed; Parts C and D of the K-34 should be filled out once per facility and added to as needed for the life of the credit.
Effective with tax year 2011, this credit is no longer available in metro counties. Beginning in tax year 2012, it will not be available in metro and non-metro counties.
K-34 - Kansas Business and Job Development Credit