Kansas Statutes 74-99b53. Net operating loss reimbursement program
(a) For taxable years commencing after December 31, 2004, any bioscience company as defined in Kan. Stat. Ann. § 74-99b33, and amendments thereto, may be allowed a payment from the bioscience authority not to exceed 50% of such bioscience company’s Kansas net operating loss incurred during the claimed taxable year.
(b) In no event shall the total amount of payments authorized and made by the bioscience authority pursuant to subsection (a) exceed $1,000,000 for any one fiscal year.
Terms Used In Kansas Statutes 74-99b53
- 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.
(c) The department of revenue shall annually certify to the bioscience authority any bioscience company claiming the payment, the amount of Kansas net operating loss claimed and the payment due to the bioscience company. The bioscience authority may thereafter make the payment to the bioscience company.
(d) The secretary of revenue shall adopt rules and regulations to implement the provisions of this section.