Statute 74-8205: Tax credits for
investment in stock of Kansas Venture
Capital, Inc. by banks, savings and loan associations and insurance
companies; taxable years applicable.
(a) Except as otherwise provided in
K.S.A. 74-8207,
and amendments thereto, every national banking association, state bank, savings
and
loan association or insurance company investing in stock issued by Kansas
Venture Capital, Inc. shall be entitled to
a credit in an amount equal to 25% of the total amount of
cash investment in
such stock against the
tax liability imposed against such taxpayer pursuant to
K.S.A. 79-1106 to
79-1116, inclusive, and amendments thereto or
K.S.A. 40-252, and amendments
thereto, as the case requires.
The amount by which that portion of the credit allowed by this section exceeds
the taxpayer's tax
liability in any one taxable year may be carried forward until
the total amount of
the credit is used.
(b) The provisions of this section shall be applicable to investments
made in all taxable
years commencing after December 31, 1997, and until all allowed
credits are exhausted.
History: L. 1986, ch. 332, § 10;
L. 1987, ch. 320, § 5;
L. 1988, ch. 313, § 1;
L. 1993, ch. 151, § 2;
L. 1998, ch. 108, § 2; July 1.