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Minutes for SB430 - Committee on Taxation
Short Title
Extending the high performance incentive program tax credit carry forward period from 16 to 25 years.
Minutes Content for Wed, Apr 4, 2018
Mr. Wells provided an overview on SB430 stating the bill concerns the HPIP tax credit. Under the provisions of the bill any taxpayer that initially claimed the credit prior to January 1, 2018 and gets to the end of their carried forward period which is 16 years and still has credits remaining, half of the unused credits would be eligible for an additional 9-year carried forward period. There is language in the bill that would limit the amount of credits to be used in any one year to 10 percent of the unused amount. Mr. Wells stood for questions from the Committee.
Kathleen Smith provided an overview on the fiscal note for SB430. There is currently $150 million in unused credit and half that would be $75 million multiplied by the 10 percent to be used in each year would be $7.5 million. Ms. Smith stood for questions from the Committee.
Eric Stafford, Kansas Chamber, testified as a proponent for SB430 stating HPIP provides a significant return on investment for the State of Kansas (Attachment 5). Mr. Stafford stood for questions from the Committee.
Patrick Fucik, testified on behalf of the Sprint Corporation as a proponent for SB430 (Attachment 6). Mr. Fucik stood for questions from the Committee.
John Idoux, CenturyLink testified as a proponent for SB430 (Attachment 7). Mr. Idoux stood for questions from the Committee.
Hearing closed on SB430.
Meeting adjourned at 4:50 PM.
