Session of 1999
By Senators Lee and Corbin

  9             AN  ACT relating to income taxation; allowing a credit therefrom for
10             property tax paid upon the working interest of certain oil wells.
12       Be it enacted by the Legislature of the State of Kansas:
13             Section  1. For all taxable years commencing after December 31,
14       1997, there shall be allowed as a credit against the tax liability of a taxpayer
15       imposed under the Kansas income tax act, an amount equal to the total
16       amount of property tax levied for property tax year 1998, and all such
17       years thereafter, actually and timely paid by the taxpayer which is attrib-
18       utable to the working interest of an oil well the average daily production
19       from which is 15 barrels or less. If the amount of such tax credit exceeds
20       the taxpayer's income tax liability for the taxable year, the amount thereof
21       which exceeds such tax liability shall be refunded to the taxpayer. If the
22       taxpayer is a corporation having an election in effect under subchapter S
23       of the federal internal revenue code, a partnership or a limited liability
24       company, the credit provided by this section shall be claimed by the
25       shareholders of such corporation, the partners of such partnership or the
26       members of such limited liability company in the same manner as such
27       shareholders, partners or members account for their proportionate shares
28       of the income or loss of the corporation, partnership or limited liability
29       company.
30        Sec.  2. This act shall take effect and be in force from and after its
31       publication in the Kansas register.