Kansas 2025-2026 Regular Session

Kansas House Bill HB2387 Compare Versions

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1	1	Session of 2025
2	2	HOUSE BILL No. 2387
3	3	By Committee on Taxation
4	4	Requested by Jessica Lucas on behalf of the Friends of Cedar Crest Association
5	5	2-17
6	6	AN ACT concerning income taxation; relating to credits; extending the
7	7	number of years of availability of the income tax credit for
8	8	contributions to friends of cedar crest association; amending K.S.A.
9	9	2024 Supp. 79-32,275 and repealing the existing section.
10	10	Be it enacted by the Legislature of the State of Kansas:
11	11	Section 1. K.S.A. 2024 Supp. 79-32,275 is hereby amended to read as
12	12	follows: 79-32,275. (a) For taxable years commencing after December 31,
13	13	2020, and before January 1, 2026 2036, there shall be allowed a credit
14	14	against the tax imposed by the Kansas income tax act and the privilege tax
15	15	pursuant to K.S.A. 79-1106 et seq., and amendments thereto, in an amount
16	16	equal to 50% of the total amount contributed during the taxable year by a
17	17	taxpayer subject to income tax pursuant to K.S.A. 79-32,110(a) or (c), and
18	18	amendments thereto, or subject to the privilege tax pursuant to K.S.A. 79-
19	19	1107 and 79-1108, and amendments thereto, to the friends of cedar crest
20	20	association.
21	21	(b) The amount of such credit awarded to a taxpayer in a taxable year
22	22	pursuant to this section shall not exceed:
23	23	(1) $25,000 for any taxpayer subject to the income tax on resident
24	24	individuals imposed pursuant to K.S.A. 79-32,110(a), and amendments
25	25	thereto; or
26	26	(2) $50,000 for any taxpayer subject to the income tax on
27	27	corporations imposed pursuant to K.S.A. 79-32,110(c), and amendments
28	28	thereto, or the privilege tax on financial institutions pursuant to K.S.A. 79-
29	29	1107 and 79-1108, and amendments thereto.
30	30	(c) The aggregate amount of credits claimed pursuant to this section
31	31	shall not exceed $350,000 for any fiscal year.
32	32	(d) The credit allowed by this section shall not exceed the amount of
33	33	tax imposed under the Kansas income tax act or the privilege tax reduced
34	34	by the sum of any other credits allowable pursuant to law. Such credit shall
35	35	be deducted from the taxpayer's income or privilege tax liability for the
36	36	taxable year in which the contributions are made by the taxpayer. The
37	37	taxpayer shall not be allowed to carry forward any amount of such credit
38	38	exceeding the taxpayer's income or privilege tax liability.
39	39	Sec. 2. K.S.A. 2024 Supp. 79-32,275 is hereby repealed.
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74	74	35 HB 2387 2
75	75	Sec. 3. This act shall take effect and be in force from and after its
76	76	publication in the statute book.
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