Session of 1999
SENATE BILL No. 185
By Committee on Assessment and Taxation
2-1
9 AN ACT relating to income taxation; authorizing credits for property tax
10 paid by certain telecommunications companies.
11
12 Be it enacted by the Legislature of the State of Kansas:
13 Section 1. There shall be allowed as a credit against the tax liability
14 imposed by the Kansas income tax act of a telecommunications company,
15 as defined in K.S.A. 79-3271 and amendments thereto, an amount equal
16 to the difference between the property tax levied and paid on property
17 assessed at a 33% assessment rate and the property tax which would be
18 levied and paid on such property if assessed at a 25% assessment rate
19 except that, for taxable year 1999, the credit shall be equal to 25% of such
20 amount, for taxable year 2000, the credit shall be equal to 50% of such
21 amount, for taxable year 2001, the credit shall be equal to 75% of such
22 amount and for taxable year 2001, and all such taxable years thereafter,
23 the credit shall be equal to 100% of such amount. If the amount of such
24 tax credit exceeds the tax liability for the telecommunications company
25 for the taxable year, the amount thereof which exceeds such tax liability
26 shall be refunded to the telecommunications company. If the telecom-
27 munications company is a corporation having an election in effect under
28 subchapter S of the federal internal revenue code, a partnership or a
29 limited liability company, the credit provided by this section shall be
30 claimed by the shareholders of such corporation, the partners of such
31 partnership or the members of such limited liability company in the same
32 manner as such shareholders, partners or members account for their pro-
33 portionate shares of income or loss of the corporation, partnership or
34 limited liability company.
35 Sec. 2. This act shall take effect and be in force from and after its
36 publication in the statute book.