Notice

Notice Number:14-10
Tax Type:Privilege
Brief Description:Expensing Deduction Available To Financial Institutions
Keywords:
Approval Date:07/01/2014


Body:
KANSAS DEPARTMENT OF REVENUE
OFFICE OF POLICY & RESEARCH


Notice 14-10

Expensing Deduction Available To Financial Institutions

(July 1, 2014)

During the 2014 Legislative Session House Bill 2057 was passed and signed into law. Section 7 of the Bill amends K.S.A. 79-32,143a, which provides for an expense deduction, to permit certain financial institutions to claim the deduction against bank privilege tax liability.

Prior to enactment of this Bill the expense deduction found in K.S.A. 79-32,143a was only available to taxpayers subject to the income tax on corporations. This limitation was found in subsection (h) of the statute. Subsection (h) has been amended, effective for tax year 2014 and subsequent years, and now provides:
Taxpayer Assistance

Additional copies of this notice, forms or publications are available from our web site, www.ksrevenue.org. If you have questions about this Notice, please contact:
Taxpayer Assistance Center
Kansas Department of Revenue
915 SW Harrison St., 1st Floor
Topeka, KS 66612-1588
Phone: 785-368-8222
Hearing Impaired TTY: 785-296-6461
Fax: 785-291-3614




Date Composed: 06/05/2014 Date Modified: 06/05/2014