Session Law

Identifying Information:L. 2002 ch. 109
Other Identifying Information:2002 House Bill 2586*
Tax Type:Corporate Income Tax; Individual Income Tax
Brief Description:An Act relating to taxation; allowing credits for payments to certain port authorities.
Keywords:


Body:

CHAPTER 109

HOUSE BILL No. 2586*

An Act relating to taxation; allowing credits for payments to certain port authorities.


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

Section 1. (a) For taxable years 2002 through 2021, there shall be

allowed as a credit against the tax liability of a taxpayer imposed under

the Kansas income tax act, an amount equal to 100% of the amount

attributable to the retirement of indebtedness authorized by a single city

port authority established before January 1, 2002. In no event shall the

total amount of the credits allowed under this section exceed $500,000

for any one fiscal year.

(b) Upon certification by the secretary of revenue of the amount of

any such credit, the director of accounts and reports shall issue to such

taxpayer a warrant for such amount which shall be deemed to be a capital

contribution.

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

publication in the statute book.

Approved May 13, 2002.


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Date Composed: 10/10/2002 Date Modified: 10/10/2002