KANSAS STATUTES AND CODES

65-7107. Same; income tax credit for contributions; limitations.

65-7107

Chapter 65.--PUBLIC HEALTH Article 71.--ASSISTIVE DEVICE INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM

65-7107. Same; income tax credit for contributions;limitations.(a) Appropriate state agencies are hereby directed to amendtheir state plansto protectthe benefits of those receiving such benefits by adding language consistentwith the following: Any funds in an individual development account, includingaccrued interest,shall be disregarded when determining eligibility to receive the amount ofany public assistance or benefits.

(b) A program contributor shall be allowed a credit against state income taximposed under the Kansas income tax act in an amount equal to25% of the contribution amount.

(c) The institute shall verify all taxcredit claimsby contributors. The administration of the community-based organization, withthe cooperation of the participating financial institutions, shall submit thenames of contributors and the total amount each contributor contributes to theindividual development account reserve fund for the calendar year. Theinstituteshall determine the date by which such information shall be submitted to theinstitute by the local administrator. The institute shall submit verificationof qualified tax credits pursuant to K.S.A. 65-7101 through 65-7107and amendmentsthereto to the department of revenue.

(d) The total tax credits authorized pursuant to this section shall notexceed $6,250 in any fiscal year.

(e) The provisions of this section shall be applicable to all taxable yearscommencing after December 31, 2002.

History: L. 2001, ch. 176, § 7; July 1.