Kansas Statutes 79-32,217. Refineries; credit for certain investments; definitions
As used in Kan. Stat. Ann. § 79-32,217 through 79-32,220, and amendments thereto:
(a) “Expansion of an existing refinery” means expansion which begins after December 31, 2005, of the capacity of an existing refinery by at least 10% of such capacity.
Terms Used In Kansas Statutes 79-32,217
- 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.
- federal internal revenue code: shall mean the provisions of the federal internal revenue code of 1986, and amendments thereto, and other provisions of the laws of the United States relating to federal income taxes, as the same may be or become effective at any time, or from time to time, for the taxable year. See Kansas Statutes 79-32,109
- 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.
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof. See Kansas Statutes 79-3271
(b) “New refinery” means a refinery, construction of which begins after December 31, 2005.
(c) “Pass-through entity” means any: (1) Corporation which is exempt from income tax under section 1363 of the federal internal revenue code and which complies with the requirements of Kan. Stat. Ann. § 79-32,100e, and amendments thereto; (2) limited liability company; (3) partnership; or (4) limited liability partnership.
(d) “Qualified investment” means expenditures made in construction of a new refinery, expansion of an existing refinery or restoration of production of a refinery, for real and tangible personal property incorporated in and used as part of such refinery.
(e) “Refinery” means an industrial process plant, located in this state, where crude oil is processed and refined into petroleum products.
(f) “Restoration of production of a refinery” means restoration which begins after December 31, 2005, of production of a refinery which has been out of production for five or more years.