Kansas Statutes 74-50,208. Same; income tax credit for contributions by program contributors
Terms Used In Kansas Statutes 74-50,208
- Act: means the provisions of Kan. See Kansas Statutes 74-50,211
- Community-based organization: means any religious or charitable association or tribal entity that is approved by the department to implement the individual development account reserve fund. See Kansas Statutes 74-50,202
- department: means the department of commerce;
(4) "entrepreneur" means an individual creating a new business, service or product;
(5) "region" means multi-county areas as defined by the secretary of commerce;
(6) "regional business development fund" means an authorized and audited fund that is created by taxpayer contributions, interest income and investment income and is managed by the regional foundation board of directors for the purposes of economic and leadership development in the region;
(7) "regional foundation" means any organization in Kansas that demonstrates capacity to provide economic development services to regions as defined by this act, and: (A) Has obtained a ruling from the internal revenue service of the United States department of treasury that such organization is exempt from income taxation under the provisions of section 501(c)(3) or 501(c)(6) of the federal internal revenue code;
(B) has been designated as a certified development company by the United States small business administration;
(C) has been designated as an economic development district by the United States department of commerce's economic development administration;
(D) has been organized as a regional planning commission under Kan. See Kansas Statutes 74-50,154
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Individual development account: means a financial instrument established in Kan. See Kansas Statutes 74-50,202
- Program: means the Kansas individual development account program established in Kan. See Kansas Statutes 74-50,202
- Program contributor: means a person or entity who makes a contribution to an individual development account reserve fund. See Kansas Statutes 74-50,202
- Secretary: means the secretary of commerce. See Kansas Statutes 74-5059
- State: means the state of Kansas. See Kansas Statutes 74-5059
(a) A program contributor shall be allowed a credit against state income tax imposed under the Kansas income tax act in an amount not to exceed 75% of the contribution amount. If the amount of the credit allowed by this section exceeds the taxpayer’s income tax liability imposed under the Kansas income tax act, such excess amount shall be refunded to the taxpayer. No credit pursuant to this section shall be allowed for any contribution made by a program contributor which also qualified for a community services tax credit pursuant to the provisions of Kan. Stat. Ann. § 79-32,195 et seq., and amendments thereto.
(b) The administration of the community-based organization, with the cooperation of the participating financial institutions, shall submit the names of contributors and the total amount each contributor contributes to the individual development account reserve fund for the calendar year. The secretary of revenue shall determine the date by which such information shall be submitted to the department of revenue by the local administrator.
(c) The total tax credits authorized pursuant to this section shall not exceed $500,000 in any fiscal year.
(d) The provisions of this section shall be applicable to all taxable years commencing after December 31, 2014.