Kansas Statutes 79-1120. Recapture tax; definitions
Terms Used In Kansas Statutes 79-1120
- Interest: means interest on indebtedness attributed to Kansas and incurred in the ordinary course of the active conduct of any business and interest on indebtedness incurred that is secured by a single family residence;
(2) "qualified agricultural real estate loans" means loans made on real property that is substantially used for the production of one or more agricultural products and that:
(A) Have maturities of not less than five years and not more than 40 years;
(B) are secured by a first lien interest in real estate, except that the loans may be secured by a second lien interest if the institution also holds the first lien on the property; and
(C) have an outstanding loan balance when made that is less than 85% of the appraised value of the real estate, except that a loan for which private mortgage insurance is obtained may exceed 85% of the appraised value of the real estate to the extent the loan amount in excess of 85% is covered by such insurance;
(3) "single family residence" means a residence that:
(A) Is the principal residence of its occupant;
(B) is located in Kansas, in a rural area as defined by the United States department of agriculture that is not within a metropolitan statistical area and has a population of 2,500 or less as determined by the most recent census for which data is available; and
(C) is purchased or improved with the proceeds of the loan;
(4) "net interest income received from qualified agricultural real estate loans attributed to Kansas" means the product of the ratio of the interest income earned on qualified agricultural real estate loans over total interest income earned, in relation to the net income of the national banking association, state bank, trust company or savings and loan association without regard to this deduction; and
(5) "net interest income received from single family residence loans attributed to Kansas" means the product of the ratio of the interest income earned on single family residence loans over total interest income earned, in relation to the net income of the national banking association, state bank, trust company or savings and loan association without regard to this deduction. See Kansas Statutes 79-1109
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
As used in Kan. Stat. Ann. §§ 79-1120 to 79-1125, unless the context otherwise requires: (a) “Refund” means a reimbursement by the director of taxation of taxes paid pursuant to the provisions of Kan. Stat. Ann. § 79-1106 et seq., including any interest accrued thereon, which reimbursement is made pursuant to a judicial order of any court of competent jurisdiction finding that: (1) Any of the provisions of Kan. Stat. Ann. § 79-1106 et seq. is discriminatory in a manner prohibited under 31 U.S.C. § 742; or (2) any of the provisions of Kan. Stat. Ann. § 79-1106 et seq. is unconstitutional; or (3) that the tax imposed under Kan. Stat. Ann. § 79-1107 or Kan. Stat. Ann. § 79-1108 is otherwise invalid;
(b) “Aggregate recapture rate” means one hundred percent (100%) plus the percentage determined by the director of taxation to equal the proportion that income received from securities and obligations of the United States or authorities, commissions or instrumentalities thereof by all institutions subject to taxation under the provisions of Kan. Stat. Ann. § 79-1106 et seq. bears to the total federal income received by all such institutions during the period or periods for which refunds are paid;
(c) “Claimant’s adjustment factor” means a percentage determined by the director of taxation to equal the proportion that income received from securities and obligations of the United States or authorities, commissions or instrumentalities thereof by the institution receiving the refund bears to the total federal income of such institution during the period or periods for which the refund was received.