Session of 1999
By Committee on Taxation

  9             AN  ACT relating to income taxation; authorizing credits for property tax
10             paid by certain telecommunications companies.
12       Be it enacted by the Legislature of the State of Kansas:
13             Section  1. There shall be allowed as a credit against the tax liability
14       imposed by the Kansas income tax act of a telecommunications company,
15       as defined in K.S.A. 79-3271 and amendments thereto, an amount equal
16       to the difference between the property tax levied and paid on property
17       assessed at a 33% assessment rate and the property tax which would be
18       levied and paid on such property if assessed at a 25% assessment rate
19       except that, for taxable year 1999, the credit shall be equal to 25% of such
20       amount, for taxable year 2000, the credit shall be equal to 50% of such
21       amount, for taxable year 2001, the credit shall be equal to 75% of such
22       amount and for taxable year 2001, and all such taxable years thereafter,
23       the credit shall be equal to 100% of such amount. If the amount of such
24       tax credit exceeds the tax liability for the telecommunications company
25       for the taxable year, the amount thereof which exceeds such tax liability
26       shall be refunded to the telecommunications company. If the telecom-
27       munications company is a corporation having an election in effect under
28       subchapter S of the federal internal revenue code, a partnership or a
29       limited liability company, the credit provided by this section shall be
30       claimed by the shareholders of such corporation, the partners of such
31       partnership or the members of such limited liability company in the same
32       manner as such shareholders, partners or members account for their pro-
33       portionate shares of income or loss of the corporation, partnership or
34       limited liability company.
35        Sec.  2. This act shall take effect and be in force from and after its
36       publication in the statute book.