Notice

Notice Number:12-05
Tax Type:Corporate Income Tax; Individual Income Tax
Brief Description:Elimination of Certain Income Tax Credits for Individuals, Partnerships, S Corporations, and Limited Liability Companies
Keywords:
Approval Date:07/09/2012


Body:
KANSAS DEPARTMENT OF REVENUE
DIVISION OF TAXATION


Notice 12-05

Elimination of Certain Income Tax Credits For Individuals, Partnerships,
S Corporations, and Limited Liability Companies

Carry Over of Unused Credits

Elimination of Credits for Pass-Through Entities and Individuals

During the 2012 Legislative Session House Bill 2117 was passed and signed into law. Beginning in tax year 2013, certain credits will be available only to corporations that are subject to the Kansas corporate income tax, i.e. C corporations. The credits listed below will not be available to individuals, partnerships, S corporations, limited liability companies, or other pass-through entities.
In addition to the credits, listed above, which are only available to C corporations, additional credits are repealed, beginning in tax year 2013. After tax year 2012 the credits listed below will not be available.
Carry Over of Unused Credits

New Section 36 of HB 2117 addresses the question of what happens to the unused portion of nonrefundable credits that carry over from years prior to 2013 and are held by individuals, partnerships, S corporations, limited liability companies, or any other pass-through entity. This Section specifically provides individual taxpayers may continue to carry these credits forward as long as all statutory requirements contine to be met. The Section 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 income tax, 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: 07/09/2012 Date Modified: 07/09/2012