CHAPTER 108
HOUSE BILL No. 2128*
An Act relating to income taxation; allowing credits for
certain
historic preservation project expenditures.
Be it enacted by the Legislature of the State of Kansas:
Section 1. (a) For all taxable
years commencing after December 31,
2000, there shall be allowed a tax credit against the income tax
liability
imposed upon a taxpayer pursuant to the Kansas income tax act in
an
amount equal to 25% of qualified expenditures incurred in the
restoration
and preservation of a qualified historic structure pursuant to a
qualified
rehabilitation plan by a qualified taxpayer if the total amount of
such
expenditures equal $5,000 or more. If the amount of such tax credit
ex-
ceeds the qualified taxpayer's income tax liability for the year in
which
such costs and expenses were incurred, such excess amount may be
car-
ried over for deduction from such taxpayer's income tax liability
in the
next succeeding year or years until the total amount of the credit
has been
deducted from tax liability, except that no such credit shall be
carried
over for deduction after the 10th taxable year succeeding the
taxable year
in which the qualified expenditures were incurred.
(b) As used in this section, unless the
context clearly indicates oth-
erwise:
(1) ``Qualified expenditures'' means the
costs and expenses incurred
by a qualified taxpayer in the restoration and preservation of a
qualified
historic structure pursuant to a qualified rehabilitation plan
which are
defined as a qualified rehabilitation expenditure by section
47 (c)(2) of
the federal internal revenue code;
(2) ``qualified historic structure''
means any building, whether or not
income producing, which is defined as a certified historic
structure by
section 47 (c)(3) of the federal internal revenue code, is
individually listed
on the register of Kansas historic places, or is located and
contributes to
a district listed on the register or Kansas historic places;
(3) ``qualified rehabilitation plan''
means a project which is approved
by the cultural resources division of the state historical society,
or by a
local government certified by the division to so approve, as being
consis-
tent with the standards for rehabilitation and guidelines for
rehabilitation
of historic buildings as adopted by the federal secretary of
interior and in
effect on the effective date of this act. The society shall adopt
rules and
regulations providing application and approval procedures necessary
to
effectively and efficiently provide compliance with this act, and
may col-
lect fees in order to defray its approval costs in accordance with
rules and
regulations adopted therefor; and
(4) ``qualified taxpayer'' means the
owner of the qualified historic
structure or any other person who may qualify for the federal
rehabili-
tation credit allowed by section 47 of the federal internal revenue
code.
Sec. 2. This act shall take effect and be in force
from and after its
publication in the statute book.
Approved April 16, 2001.
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