Kansas Administrative Regulations

Regulation Number:92-12-113
Agency Title: KANSAS DEPARTMENT OF REVENUE
Article Title: Income Tax
Tax Type:Corporate Income Tax; Individual Income Tax; Privilege
Brief Description:Credit for property tax paid on commercial and industrial machinery and equipment; tax receipts.
Keywords:
Approval Date:04/22/2005


Body:

92-12-113. Credit for property tax paid on commercial and industrial machinery and equipment; tax receipts. (a) If the amount of the business machinery and equipment credit claimed by a taxpayer on credit schedule K-64 is more than $500, the taxpayer shall submit a copy of each property tax receipt issued by a county treasurer, showing timely payment of the personal property tax on the commercial and industrial machinery and equipment for which the tax credit is sought. Each taxpayer claiming the business machinery and equipment credit for property taxes paid on railroad machinery and equipment shall submit the documentation provided to that taxpayer by the division of property valuation of the Kansas department of revenue specifying the value of the railroad machinery and equipment on which this credit is calculated and a copy of each supporting tax receipt issued by a county treasurer.
(b) The property tax receipts and documentation specified in subsection (a) shall not be required to be submitted with the taxpayer’s credit schedule K-64 if the amount of the credit claimed by the taxpayer is $500 or less.
(c) Each taxpayer claiming the business machinery and equipment credit shall retain, as part of the taxpayer’s records, each property tax receipt and any other document substantiating the claim. (Authorized by K.S.A. 79-3236; implementing K.S.A. 2004 Supp. 79-32,206; effective April 22, 2005.)