Kansas Statutes 79-32,204. Kansas income tax credit for corporations for required improvements to qualified swine facility
Terms Used In Kansas Statutes 79-32,204
- 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.
- Director: means the director of taxation. See Kansas Statutes 79-32,109
- Facility: shall mean any factory, mill, plant, refinery, warehouse, feedlot, building or complex of buildings located within the state, including the land on which such facility is located and all machinery, equipment and other real and tangible personal property located at or within such facility used in connection with the operation of such facility. See Kansas Statutes 79-32,154
- 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.
- Secretary: means secretary of the Kansas department of revenue. See Kansas Statutes 79-32,278
(a) As used in this section:
(1) Terms have the meanings provided by Kan. Stat. Ann. § 65-1,178, and amendments thereto;
(2) “qualified swine facility” means a swine facility that: (A) Is owned and operated by a sole proprietorship or partnership or by a family farm corporation, authorized farm corporation, limited liability agricultural company, family farm limited liability agricultural company, limited agricultural partnership, family trust, authorized trust or testamentary trust, as defined by Kan. Stat. Ann. § 17-5903, and amendments thereto; and (B) is utilizing its swine waste management system on January 1, 1998; and
(3) “required improvements to a qualified swine facility” means capital improvements that the secretary of health and environment certifies to the director of taxation: (A) Are required for a qualified swine facility to comply with the standards and requirements established pursuant to Kan. Stat. Ann. § 65-1,178 through 65-1,198, and amendments thereto, or pursuant to the amendments made by this act to Kan. Stat. Ann. § 65-171d, and amendments thereto; and (B) are not required because of expansion for which a permit has not been issued or applied for before the effective date of this act.
(b) There shall be allowed as a credit against the tax liability of a taxpayer imposed under the Kansas income tax act an amount equal to not more than 50% of the costs incurred by the taxpayer for required improvements to a qualified swine facility. The tax credit allowed by this subsection shall be deducted from the taxpayer’s income tax liability for the taxable year in which the expenditures are made by the taxpayer. If the amount of such tax credit exceeds the taxpayer’s income tax liability for such taxable year, the taxpayer may carry over the amount thereof that exceeds such tax liability for deduction from the taxpayer’s income tax liability in the next succeeding taxable year or years until the total amount of the tax credit has been deducted from tax liability, except that no such tax credit shall be carried over for deduction after the fourth taxable year succeeding the year in which the costs are incurred.
(c) The provisions of this section shall be applicable to all taxable years commencing after December 31, 1997.
(d) For tax year 2013 and all tax years thereafter, the income tax credit provided by this section shall only be available to taxpayers subject to the income tax on corporations imposed pursuant to subsection (c) of Kan. Stat. Ann. § 79-32,110, and amendments thereto, and shall be applied only against such taxpayer’s corporate income tax liability.