Statute 74-8304a: Same; acquisition by transfer of interest from investors
exempt from taxation; conditions; limitations; documentation.
Any investor that is not subject to taxation under the
provisions of Article 32 of Chapter 79 of the Kansas Statutes Annotated and
that makes a cash investment in a certified Kansas venture capital company
shall be deemed to acquire an interest in the nature of a transferable
credit limited to an amount equal to 25% of such cash investment. Such
interest may be transferred to a taxpayer and be claimed by such taxpayer
as a credit against the taxpayer's Kansas income tax liability beginning in
the taxpayer's taxable year in which the investment in the Kansas venture
capital company was made. An investor shall not be entitled to a refund
for the interest created under this section. Only the full credit for any
one investment may be transferred and such credit may only be transferred
one time. A credit acquired by transfer
shall be subject to the limitations prescribed by
K.S.A. 74-8304
and amendments thereto. Documentation of any credit acquired by transfer
shall be provided by the taxpayer in the manner required by the director of
taxation.
History: L. 1987, ch. 322, § 2; April 16.