79-32,235. (a) If a qualified investment is made by or transferred to a pass-through entity and the credit allowed by this act for a taxable year is greater than the entity's tax liability against which the tax credit may be applied, a shareholder, partner or member of the entity is entitled to a tax credit equal to the tax credit determined for the entity for the taxable year in excess of the entity's tax liability under the Kansas income tax act for the taxable year multiplied by the percentage of the entity's distributive income to which the shareholder, partner or member is entitled.
(b) If a biomass-to-energy plant is co-owned by two or more taxpayers, the amount of the credit that may be allowed to a co-owner in a taxable year is equal to the tax credit determined under K.S.A. 79-32,234, and amendments thereto, with respect to the total qualified investment in such plant multiplied by the co-owner's percentage of ownership in such plant.
(c) Such credit shall be taken in 10 equal, annual installments, beginning with the year in which the entity places into service the new biomass-to-energy plant or the expansion of an existing biomass-to-energy plant.
(d) If the amount of an annual installment of a tax credit allowed a shareholder, partner, member or co-owner under this section exceeds the taxpayer's income tax liability for the taxable year in which the annual installment is allowed, the amount thereof which exceeds such tax liability may be carried over 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 14th taxable year succeeding the taxable year in which the first annual installment is allowed.
History: L. 2006, ch. 209, § 19; L. 2007, ch. 113, § 29; July 1.
LEGISLATIVE COORDINATING COUNCIL
10/23/2024
Meeting Notice
09/09/2024 Meeting Notice Agenda 08/21/2024 Meeting Notice Agenda LCC Policies REVISOR OF STATUTES
Chapter 72 Statute Transfer List
Kansas School Equity & Enhancement Act Gannon v. State A Summary of Special Sessions in Kansas Bill Brief for Senate Bill No. 1 Bill Brief for House Bill No. 2001 2024 Amended & Repealed Statutes 2023 Amended & Repealed Statutes 2022 Amended & Repealed Statutes 2021 Amended & Repealed Statutes USEFUL LINKS
Session Laws
OTHER LEGISLATIVE SITES
Kansas LegislatureAdministrative Services Division of Post Audit Research Department |