CHAPTER 109 HOUSE BILL No. 2586* An  Act relating to taxation; allowing credits for payments to certain port authorities. Be it enacted by the Legislature of the State of Kansas:

      Section  1. (a) For taxable years 2002 through 2021, there shall be
allowed as a credit against the tax liability of a taxpayer imposed under
the Kansas income tax act, an amount equal to 100% of the amount
attributable to the retirement of indebtedness authorized by a single city
port authority established before January 1, 2002. In no event shall the
total amount of the credits allowed under this section exceed $500,000
for any one fiscal year.

      (b) Upon certification by the secretary of revenue of the amount of
any such credit, the director of accounts and reports shall issue to such
taxpayer a warrant for such amount which shall be deemed to be a capital
contribution.

 Sec.  2. This act shall take effect and be in force from and after its
publication in the statute book.

Approved May 13, 2002.
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