Kansas Single City Port Authority Form K-76

Article ID: 58817  

Question
Kansas Single City Port Authority Form K-76

Answer

 

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 2024. For tax years 2013 through 2021 this credit shall be available to only corporations that are subject to the Kansas corporate income tax (i.e., C corporations).

For tax years 2022 through 2024 the tax credit shall be allowed against the tax liability for all income taxpayers.

K-76 Single City Port Authority Credit Rev. 7-21 (ksrevenue.gov)


Article Details
Views: 1850 Created on: Jun 15, 2013