Session Law

Identifying Information:L. 2001 ch. 130
Other Identifying Information:2001 House Bill 2055
Tax Type:Corporate Income Tax
Brief Description:An Act relating to income taxation; authorizing research and development credits.




An Act relating to income taxation; authorizing research and development credits.

Be it enacted by the Legislature of the State of Kansas:

Section 1. (a) For all taxable years commencing after December 31,

2000, a credit shall be allowed against the tax imposed by the Kansas

income tax act on the Kansas taxable income of a taxpayer for expendi-

tures in research and development activities conducted within this state

in an amount equal to 61/2% of the amount by which the amount expended

for such activities in the taxable year of the taxpayer exceeds the taxpayer's

average of the actual expenditures for such purposes made in such taxable

year and the next preceding two taxable years.

(b) In any one taxable year, the amount of such credit allowable for

deduction from the taxpayer's tax liability shall not exceed 25% of the

total amount of such credit plus any applicable carry forward amount.

The amount by which that portion of the credit allowed by subsections

(a) and (b) to be claimed in any one taxable year exceeds the taxpayer's

tax liability in such year may be carried forward until the total amount of

the credit is used.

(c) As used in this section, the term ``expenditures in research and

development activities'' means expenditures made for such purposes,

other than expenditures of moneys made available to the taxpayer pur-

suant to federal or state law, which are treated as expenses allowable for

deduction under the provisions of the federal internal revenue code of

1986, and amendments thereto.

Sec. 2. This act shall take effect and be in force from and after its

publication in the statute book.

Approved April 19, 2000.


Date Composed: 09/25/2001 Date Modified: 09/25/2001