Terms Used In Kansas Statutes 74-50,226

  • Act: means the provisions of Kan. See Kansas Statutes 74-50,211
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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

  • Dependent: A person dependent for support upon another.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Program: means the Kansas individual development account program established in Kan. See Kansas Statutes 74-50,202
  • Property: includes personal and real property. See Kansas Statutes 77-201
  • Secretary: means the secretary of commerce. See Kansas Statutes 74-5059
  • State: means the state of Kansas. See Kansas Statutes 74-5059
  • state agency: means any officer, department, bureau, division, board, authority, agency, commission or institution of this state. See Kansas Statutes 74-5039
  • Statute: A law passed by a legislature.

As used in Kan. Stat. Ann. 2023 Supp. 74-50,226 and 74-50,227, and amendments thereto:

(a) “Administering agency” means the state agency or department charged with administering a particular economic development incentive program, as set forth by the program’s enacting statute or, where no department or agency is set forth, the department of revenue.

(b) “Economic development incentive program” means:

(1) Any economic development incentive program administered wholly or in part by the secretary of commerce;

(2) any tax credit program, except for social and domestic tax credits, regardless of the administering agency;

(3) property that has been exempted from ad valorem taxation under the provisions of section 13 of article 11 of the constitution of the state of Kansas;

(4) property that has been purchased, acquired, constructed, reconstructed, improved, equipped, furnished, repaired, enlarged or remodeled with all or any part of the proceeds of revenue bonds issued under the authority of Kan. Stat. Ann. §§ 12-1740 through 12-1749a, and amendments thereto, that is exempt from ad valorem taxation under Kan. Stat. Ann. § 79-201a Second, and amendments thereto; and

(5) any economic development fund, including, but not limited to, the job creation program fund established by Kan. Stat. Ann. § 74-50,224, and amendments thereto, and the economic development initiatives fund, established by Kan. Stat. Ann. § 79-4804, and amendments thereto.

(c) “Enterprise” means a corporation, limited liability company, S corporation, partnership, registered limited liability partnership, foundation, association, nonprofit entity, sole proprietorship, business trust or other entity engaged in business.

(d) “Recipient” means the enterprise that is the original applicant for and that receives proceeds from an economic development incentive program directly from the administering agency. “Recipient” includes an enterprise that is no longer solvent due to bankruptcy and a recipient with respect to an economic development project that has failed.

(e) “Social and domestic tax credits” means the adoption credit created pursuant to Kan. Stat. Ann. § 79-202a*, and amendments thereto, the earned income tax credit created pursuant to Kan. Stat. Ann. § 79-32,205, and amendments thereto, the food sales tax credit created pursuant to Kan. Stat. Ann. § 79-32,271, and amendments thereto, the child and dependent care tax credit created pursuant to Kan. Stat. Ann. § 79-32,111c, and amendments thereto, and the homestead property tax refund created pursuant to Kan. Stat. Ann. § 79-4501 et seq., and amendments thereto.

(f) “Tax credit program” means any credit allowed against the tax imposed by the Kansas income tax act, the premium or privilege fees imposed pursuant to Kan. Stat. Ann. § 40-252, and amendments thereto, or the privilege tax as measured by net income of financial institutions imposed pursuant to article 11 of chapter 79 of the Kansas Statutes Annotated, and amendments thereto.

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