HB 2037--
By Committee on Taxation

AN ACT relating to income taxation; providing a credit therefrom for a portion of property tax levied against commercial and industrial ma- chinery and equipment. Be it enacted by the Legislature of the State of Kansas: Section 1. For all taxable years commencing after December 31, 1996, 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 10% of the property tax actually paid during an income taxable year upon com- mercial and industrial machinery and equipment classified for property taxation purposes pursuant to section 1 of article 11 of the Kansas con- stitution in subclass (5) of (6) of class 2. If the amount of such tax credit exceeds the taxpayer's income tax liability for the taxable year, the amount thereof which exceeds such tax liability shall be refunded to the taxpayer. Sec. 2. This act shall take effect and be in force from and after its publication in the statute book.