This bill amends the existing tax credit provisions for the restoration and preservation of historic structures in Kansas, specifically targeting the percentage of tax credits based on city populations and the amount of expenditures. The bill establishes a tiered tax credit system where taxpayers in cities with populations over 50,000 can receive a credit of 25% for expenditures between $5,000 and $50,000, and 40% for expenditures of $50,000 or more. For cities with populations of 50,000 or less, the credit is set at 40% for expenditures of $5,000 or more. Additionally, the bill allows for a 40% credit for certain non-income producing historic structures that are exempt from federal income taxation.

The bill also includes provisions for the transfer of tax credits between parties, allowing assignors to sell or assign their credits to assignees, who can then use these credits to offset their tax liabilities. The amendments will apply to qualified rehabilitation plans placed into service on or after July 1, 2025. Furthermore, the bill repeals the previous version of K.S.A. 2024 Supp. 79-32,211, streamlining the tax credit process and ensuring that the credits issued are not subject to reduction or disallowance once granted.

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
Enrolled: 79-32