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 expenditure amounts. The bill establishes 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 taxation of interest earned on loans to qualified taxpayers.

Furthermore, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,211 and introduces new language that clarifies the definitions of "qualified expenditures," "qualified historic structure," and "qualified rehabilitation plan." It also outlines the process for transferring tax credits between assignors and assignees, including the requirement for a written agreement and notification to the cultural resources division. The amendments will apply to qualified rehabilitation plans placed into service on or after July 1, 2025, and the Department of Revenue will verify that qualified taxpayers do not have any outstanding tax delinquencies before issuing credits.

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