Kansas Administrative Regulations
KANSAS DEPARTMENT OF REVENUE
Corporate Income Tax; Individual Income Tax; Privilege
Reallocation of credits.
92-12-144. Reallocation of credits.
(a) If a community college or technical college does not receive contributions sufficient to generate qualifying tax credits for the full amount of the annual allocation in the tax credit agreement, those remaining tax credits shall not be reallocated to another community college or technical college. All tax credits remaining in the allocation for which contributions have not been received by the college shall be considered void at the end of the applicable calendar year.
(b) (1) At the end of the third calendar quarter, the tax credits of a state educational institution and Washburn university of Topeka may be reclaimed by the secretary if the secretary determines that there are no anticipated contributors for the institution’s remaining tax credits. The chief executive officer of the state educational institution or Washburn university of Topeka shall send a written notice to the secretary with the quarterly report due for the third calendar quarter, indicating the amount of unclaimed tax credits and an anticipated contribution schedule. The anticipated contribution schedule shall indicate the following information:
(A) The name of each anticipated contributor;
(B) the amount of each anticipated contribution; and
(C) the anticipated date on which each contribution is to be made.
(2) Within 30 calendar days after the deadline for response of the state educational institution or Washburn university of Topeka, the tax credits still remaining within an allocation may be reclaimed from the institution by the secretary. These credits may be reallocated to Washburn university of Topeka or another state educational institution by the secretary of revenue and the board of regents.
(c) Each state educational institution or Washburn university of Topeka that receives reallocated tax credits shall be required to receive qualifying contributions for the reallocated tax credits within that same calendar year. All reallocated tax credits for which qualifying contributions were not received by the institution shall be considered void at the end of the applicable calendar year. (Authorized by and implementing K.S.A. 2007 Supp. 79-32,261; effective June 20, 2008.)
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