The bill amends K.S.A. 2024 Supp. 79-32,211 to modify the tax credit structure for qualified expenditures related to the restoration and preservation of historic structures. It introduces different credit percentages based on city populations, specifically distinguishing between cities with populations of more than 50,000 and those with 50,000 or less. The credit percentages are adjusted to 25% for expenditures between $5,000 and $50,000 in larger cities, 40% for expenditures of $50,000 or more in those cities, and 40% for expenditures of $5,000 or more in smaller cities. Additionally, the bill allows for the transfer of tax credits between parties and establishes that the amendments will apply to qualified rehabilitation plans placed into service on or after July 1, 2025.

The bill also includes provisions for verifying that taxpayers do not have outstanding tax liabilities before issuing credits, although it allows for the issuance of credits even if there are delinquencies, provided the credits are first applied to those delinquencies. The existing section of K.S.A. 2024 Supp. 79-32,211 is repealed, and the new provisions are set to take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-32
As Amended by Senate Committee: 79-32
As Amended by House Committee: 79-32
{As Amended by House Committee of the Whole}: 79-32