Kansas Assistive Technology Contribution Credit

Article ID: 58807  

Question
Kansas Assistive Technology Contribution Credit K-42

Answer

K.S.A. 65-7101 et seq. established the IDA (Individual Development Account) program for assistive technology. This law also provides a Kansas income tax credit to any person or entity (program contributor) who makes a contribution to an IDA reserve fund. The income tax credit is 25% of the amount contributed during the tax year. The purpose of the IDA program for assistive technology is to provide eligible families and individuals with an opportunity to establish special savings accounts for moneys which may be used by them to purchase assistive technology.

For tax year 2013, and all tax years thereafter, new credits shall be available to only corporations that are subject to the Kansas corporate income tax (i.e., C corporations). New credits are not available to individuals, partnerships, S corporations, limited liability companies, and other pass-through entities.

Assistive technology means any item, piece of equipment or product system, whether acquired commercially, off the shelf, modified or customized, that is used to increase, maintain or improve functional capabilities of individuals with disabilities.

The program is established within the Schiefelbusch Institute for Life Span Studies of the University of Kansas and is to be administered by Assistive Technology for Kansans. Assistive Technology for Kansas will submit verification of qualified tax credits to the Kansas Department of Revenue.


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Views: 1390 Created on: Jun 15, 2013