40-2813. Credit against tax for making certain property accessible to persons with a disability; amount; carryover. - Kansas Statutes

40-2813

Chapter 40.--INSURANCE Article 28.--TAXATION OF COMPANIES

      40-2813.   Credit against tax for making certainproperty accessible to persons with a disability; amount; carryover.For all taxable years commencing after December 31, 1997, anytaxpayer who makes expenditures for the purpose of making all or any portion ofan existing building or facility accessible to persons with a disability, whichbuilding or facility is on real property located in this state and used in atrade or business or held for the production of income, shall be entitled toclaim a tax credit in an amount equal to 50% of such expenditures or, theamount of $10,000, whichever is less, against the premium tax or privilegefees imposed pursuant to K.S.A.40-252, and amendments thereto. Such tax credit shall be deducted from thetaxpayer's tax liability for the taxable year following the year in which theexpenditures are made by the taxpayer. If the amount of such tax creditexceeds the taxpayer's tax liability for such taxable year, the amount thereofwhich exceeds such tax liability may be carried over for deduction from thetaxpayer's tax liability in the next succeeding taxable year or years until thetotal amount of the tax credit has been deducted from tax liability, exceptthat no such tax credit shall be carried over for deduction after the fourthtaxable year succeeding the taxable year in which the expenditures are made.Terms used in this section shall have the same meanings as ascribed thereto inK.S.A. 79-32,175, and amendments thereto.

      History:   L. 1994, ch. 173, § 3;L. 1998, ch. 136, § 1; Apr. 30.