This bill amends existing Kansas tax law regarding property taxation and income tax related to carbon dioxide capture and sequestration. Specifically, it disqualifies property from the carbon dioxide capture and sequestration property tax exemption if it is used to inject animal manure into the ground. Additionally, the bill disallows the accelerated depreciation deduction for machinery and equipment used for the same purpose. The amendments are made to K.S.A. 79-233 and K.S.A. 79-32,256, with the existing provisions that applied to all taxable years commencing after December 31, 2007, being deleted.

The bill clarifies the definitions of "carbon dioxide capture, sequestration or utilization property" and "machinery and equipment" in relation to the tax deductions and exemptions. It emphasizes that the benefits of these tax provisions will not extend to properties or equipment involved in the injection of animal manure. The act will take effect upon its publication in the statute book, and the existing sections of K.S.A. 79-233 and K.S.A. 79-32,256 will be repealed.

Statutes affected:
As Introduced: 79-233, 79-32, 55-1637
As introduced: 79-233, 79-32, 55-1637