Kansas Statutes 79-32,249. Same; accelerated depreciation, deduction
Terms Used In Kansas Statutes 79-32,249
- Amortization: Paying off a loan by regular installments.
- 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
- Secretary: means secretary of the Kansas department of revenue. See Kansas Statutes 79-32,278
(a) In addition to the income tax credit allowable pursuant to Kan. Stat. Ann. § 79-32,245 through 79-32,248, and amendments thereto, a taxpayer shall be entitled to a deduction from Kansas adjusted gross income with respect to the amortization of the amortizable costs of a new renewable electric cogeneration facility based upon a period of 10 years. Such amortization deduction shall be an amount equal to 55% of the amortizable costs of such new renewable electric cogeneration facility for the first taxable year in which such new renewable electric cogeneration facility is in production and 5% of the amortizable costs of such new renewable electric cogeneration facility for each of the next nine taxable years.
(b) The election of the taxpayer to claim the deduction allowed by subsection (a) shall be made by filing a statement of such election with the secretary of revenue in the manner and form and within the time prescribed by rules and regulations adopted by the secretary.
(c) The provisions of this section shall apply to all taxable years commencing after December 31, 2006.
(d) The secretary of revenue shall adopt such rules and regulations as deemed necessary to carry out the provisions of this section.