Session of 1999
By Committee on Assessment and Taxation

  9             AN  ACT relating to income taxation; concerning the credit therefrom for
10             property tax paid upon certain commercial and industrial machinery
11             and equipment; amending K.S.A. 1998 Supp. 79-32,206 and repealing
12             the existing section.
14       Be it enacted by the Legislature of the State of Kansas:
15             Section  1. K.S.A. 1998 Supp. 79-32,206 is hereby amended to read
16       as follows: 79-32,206. For all taxable years commencing after December
17       31, 1997, there shall be allowed as a credit against the tax liability of a
18       taxpayer imposed under the Kansas income tax act, the premiums tax
19       upon insurance companies imposed pursuant to K.S.A. 40-252, and
20       amendments thereto, and the privilege tax as measured by net income of
21       financial institutions imposed pursuant to article 11 of chapter 79 of the
22       Kansas Statutes Annotated, an amount equal to 15% of the property tax
23       levied for property tax year 1998, and 20% of the property tax levied for
24       property tax year 1999, and all such years thereafter, actually and timely
25       paid during an income, premiums or privilege taxable year upon com-
26       mercial and industrial machinery and equipment classified for property
27       taxation purposes pursuant to section 1 of article 11 of the Kansas con-
28       stitution in subclass (5) or (6) of class 2 and machinery and equipment
29       classified for such purposes in subclass (2) of class 2. For all taxable years
30       commencing after December 31, 1997, and if the amount of such tax credit
31       exceeds the taxpayer's income tax, premiums tax or privilege tax liability
32       for the taxable year, the amount thereof which exceeds such tax liability
33       shall be refunded to the taxpayer. If the taxpayer is a corporation having
34       an election in effect under subchapter S of the federal internal revenue
35       code, a partnership or a limited liability company, the credit provided by
36       this section shall be claimed by the shareholders of such corporation, the
37       partners of such partnership or the members of such limited liability
38       company in the same manner as such shareholders, partners or members
39       account for their proportionate shares of the income or loss of the cor-
40       poration, partnership or limited liability company. 
41        Sec.  2. K.S.A. 1998 Supp. 79-32,206 is hereby repealed.
42         Sec.  3. This act shall take effect and be in force from and after its
43       publication in the statute book.