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 new language introduces different credit percentages: 25% for expenditures between $5,000 and $50,000 in cities with populations over 50,000, 40% for expenditures of $50,000 or more in the same cities, and 40% for expenditures of $5,000 or more in cities with populations of 50,000 or less. Additionally, it allows for a 40% credit for certain non-income producing historic structures exempt from federal income tax. The bill also includes provisions for the carryover of excess credits and the ability to transfer tax credits between parties.

Furthermore, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,211, streamlining the tax credit process and ensuring that the new amendments apply to qualified rehabilitation plans placed into service on or after July 1, 2025. It also establishes that the Department of Revenue may verify tax delinquencies before issuing credits, with any outstanding delinquencies reducing the amount of credits issued. The executive director of the state historical society is granted authority to adopt necessary regulations for the effective administration of these provisions.

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