Signed by Governor Laura Kelly

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that increases the tax credit for the redevelopment of historic structures in Kansas.

Highlights:

• Specifies that for taxable years commencing after December 31, 2006, there shall be allowed a tax credit against the income, privilege, or premium tax liability imposed upon a taxpayer under the Kansas income tax act thereto, in an amount equal to (Sec. 1):

• 25% of qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a city with a population of more than 50,000 under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals at least $5,000 and less than $50,000;

• 40% of the qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a city with a population of more than 50,000 under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals $50,000 or more;

• 40% of the qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a city, township or unincorporated area with a population of 50,000 or less under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals $5,000 or more; or

• 40% of qualified expenditures incurred in the restoration and preservation of a qualified historic structure, which is exempt from federal income taxation and which is not income producing under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals $5,000 or more.

• Specifies that this act shall take effect and be in force from and after its publication in the statute book (Sec. 3).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that increases the tax credit for the redevelopment of historic structures in Kansas.

Highlights:

• Specifies that for taxable years commencing after December 31, 2006, there shall be allowed a tax credit against the income, privilege, or premium tax liability imposed upon a taxpayer under the Kansas income tax act thereto, in an amount equal to (Sec. 1):

• 25% of qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a city with a population of more than 50,000 under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals at least $5,000 and less than $50,000;

• 40% of the qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a city with a population of more than 50,000 under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals $50,000 or more;

• 40% of the qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a city, township or unincorporated area with a population of 50,000 or less under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals $5,000 or more; or

• 40% of qualified expenditures incurred in the restoration and preservation of a qualified historic structure, which is exempt from federal income taxation and which is not income producing under a qualified rehabilitation plan by a qualified taxpayer if the total amount of such expenditures equals $5,000 or more.

• Specifies that this act shall take effect and be in force from and after its publication in the statute book (Sec. 3).

Full Bill Text