The bill amends existing Kansas income tax law to extend the availability of tax credits for contributions made to the Eisenhower Foundation and the Friends of Cedar Crest Association. Specifically, it changes the eligibility period for these credits from taxable years ending before January 1, 2026, to those ending before January 1, 2036. The bill allows taxpayers to claim a credit equal to 50% of their contributions, with a maximum credit of $25,000 for individual taxpayers and $50,000 for corporate taxpayers. Additionally, the total amount of credits claimed in a fiscal year is capped at $350,000.

Furthermore, the bill includes provisions that ensure the credits do not exceed the taxpayer's income or privilege tax liability, and it prohibits the carryover of any unused credit amounts. The existing sections of K.S.A. 2024 Supp. 79-32,274 and 79-32,275 are repealed and replaced with the new language that reflects these changes. The act will take effect upon its publication in the statute book.

Statutes affected:
As Introduced: 79-32
As Amended by House Committee on Taxation: 79-32
As introduced: 79-32
As Amended by House Committee: 79-32