Statute 74-8206: Income tax credits for
investment in stock of Kansas Venture
Capital, Inc.; tax years applicable.
(a) Except as otherwise provided in
K.S.A. 74-8207,
and amendments thereto, every taxpayer 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
income tax liability imposed against such taxpayer pursuant to article 32
of chapter 79 of the Kansas Statutes Annotated.
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. If the taxpayer is a corporation having an election
in effect under subchapter S of the federal internal revenue code or a
partnership, the credit provided by this section shall be claimed by the
shareholders of such corporation or the partners of such partnership in the
same manner as such shareholders or partners account for their
proportionate shares of the income or loss of the corporation or partnership.
(b) No taxpayer claiming a credit under this section for
cash investment in
stock issued by Kansas Venture Capital, Inc. shall be eligible to claim a
credit for the same investment under the provisions of K.S.A.
74-8301 to 74-8311, inclusive, and amendments thereto.
(c) The provisions of this section, and amendments thereto, shall be
applicable to all taxable years commencing after December 31,
1997, until all allowed credits are exhausted.
History: L. 1986, ch. 332, § 11;
L. 1987, ch. 321, § 2;
L. 1988, ch. 313, § 2;
L. 1993, ch. 151, § 3;
L. 1998, ch. 108, § 3; July 1.