Kansas Statutes 79-32,223. Crude oil or natural gas pipelines; credits for certain investments; definitions
As used in Kan. Stat. Ann. § 79-32,223 through 79-32,226, and amendments thereto:
(a) “New qualifying pipeline” means a qualifying pipeline, construction of which begins after December 31, 2005.
Terms Used In Kansas Statutes 79-32,223
- 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) “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.
(c) “Qualified investment” means expenditures made in construction of a new qualifying pipeline for real and tangible personal property incorporated in and used as part of such pipeline.
(d) “Qualifying pipeline” means a pipeline which is located in this state, is used primarily for transportation of crude oil or natural gas liquids and has a length of more than 190 miles in this state and to which refineries or natural gas liquid processing facilities in this state have access.