Session Law

Identifying Information:L. 2001 ch. 108
Other Identifying Information:2001 House Bill 2128
Tax Type:Corporate Income Tax
Brief Description:An Act relating to income taxation; allowing credits for certainhistoric preservation project expenditures.
Keywords:


Body:

CHAPTER 108

HOUSE BILL No. 2128


An Act relating to income taxation; allowing credits for certain historic preservation project expenditures.

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

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

2000, there shall be allowed a tax credit against the income tax liability

imposed upon a taxpayer pursuant to the Kansas income tax act in an

amount equal to 25% of qualified expenditures incurred in the restoration

and preservation of a qualified historic structure pursuant to a qualified

rehabilitation plan by a qualified taxpayer if the total amount of such

expenditures equal $5,000 or more. If the amount of such tax credit ex-

ceeds the qualified taxpayer's income tax liability for the year in which

such costs and expenses were incurred, such excess amount may be car-

ried over for deduction from such taxpayer's income tax liability in the

next succeeding year or years until the total amount of the credit has been

deducted from tax liability, except that no such credit shall be carried

over for deduction after the 10th taxable year succeeding the taxable year

in which the qualified expenditures were incurred.

(b) As used in this section, unless the context clearly indicates oth-

erwise:

(1) ``Qualified expenditures'' means the costs and expenses incurred

by a qualified taxpayer in the restoration and preservation of a qualified

historic structure pursuant to a qualified rehabilitation plan which are

defined as a qualified rehabilitation expenditure by section 47 (c)(2) of

the federal internal revenue code;

(2) ``qualified historic structure'' means any building, whether or not

income producing, which is defined as a certified historic structure by

section 47 (c)(3) of the federal internal revenue code, is individually listed

on the register of Kansas historic places, or is located and contributes to

a district listed on the register or Kansas historic places;

(3) ``qualified rehabilitation plan'' means a project which is approved

by the cultural resources division of the state historical society, or by a

local government certified by the division to so approve, as being consis-

tent with the standards for rehabilitation and guidelines for rehabilitation

of historic buildings as adopted by the federal secretary of interior and in

effect on the effective date of this act. The society shall adopt rules and

regulations providing application and approval procedures necessary to

effectively and efficiently provide compliance with this act, and may col-

lect fees in order to defray its approval costs in accordance with rules and

regulations adopted therefor; and

(4) ``qualified taxpayer'' means the owner of the qualified historic

structure or any other person who may qualify for the federal rehabili-

tation credit allowed by section 47 of the federal internal revenue code.

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

publication in the statute book.

Approved April 16, 2000.


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