This bill amends the existing tax credit provisions for qualified expenditures related to the restoration and preservation of historic structures in Kansas. It introduces different credit percentages based on the population of the city where the structure is located, specifically distinguishing between cities with populations of more than 50,000 and those with 50,000 or less. The bill specifies that taxpayers can receive a tax credit of 25% for expenditures between $5,000 and $50,000 in larger cities, while those in smaller cities can receive a 40% credit for expenditures of $5,000 or more. Additionally, the bill increases the credit percentage for certain expenditures in larger cities from 30% to 40%.

The bill also includes provisions for the transfer of tax credits, allowing taxpayers to sell or assign their credits to others, which can then be used to offset tax liabilities. The assignee can carry forward any unused credits for up to five years, with a total claim period of ten years from the year the rehabilitation plan was first placed into service. Furthermore, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,211, indicating a comprehensive update to the tax credit framework for historic preservation efforts in Kansas.

Statutes affected:
As introduced: 79-32