Kansas Administrative Regulations
KANSAS DEPARTMENT OF REVENUE
Corporate Income Tax; Individual Income Tax; Privilege
Transfer of tax credits.
92-12-145. Transfer of tax credits.
(a) Any tax credits earned by a not-for-profit contributor not subject to Kansas income, privilege, or premiums tax may be transferred to any taxpayer that is subject to Kansas income, privilege, or premiums tax. These tax credits shall be transferred only one time. The transferee shall claim the tax credit against the transferee’s tax liability in the tax year of the transfer.
(b) The transferor and transferee shall execute a written transfer agreement to transfer the tax credit. The agreement shall include the following information:
(1) The name and either the employer identification number or the social security number of the transferor;
(2) the name and either the employer identification number or the social security number of the transferee;
(3) the date of the transfer;
(4) the date the contribution was made by the transferor;
(5) the amount of tax credit transferred;
(6) the amount that will be received by the transferor for the tax credit transferred; and
(7) any other relevant information that the secretary requires.
(c) Each transfer agreement shall be reviewed by the secretary. If the transfer agreement is approved, a certificate of transfer shall be issued to the transferor and transferee indicating approval of the transfer. If the transfer agreement is denied, written notification of the denial shall be issued to the transferor and transferee. (Authorized by K.S.A. 79-32,113 and K.S.A. 2008 Supp. 79-32,261; implementing K.S.A. 2008 Supp. 79-32,261; effective June 20, 2008; amended May 22, 2009.)
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