This bill amends K.S.A. 2024 Supp. 79-32,275 to extend the availability of the income tax credit for contributions to the Friends of Cedar Crest Association. The amendment changes the expiration date for the credit from January 1, 2026, to January 1, 2036, allowing taxpayers to claim a credit equal to 50% of their contributions during taxable years commencing after December 31, 2020. The bill also sets limits on the amount of credit that can be claimed, with a maximum of $25,000 for individual taxpayers and $50,000 for corporate taxpayers, while the total aggregate amount of credits claimed in any fiscal year cannot exceed $350,000.

Additionally, the bill specifies that the credit cannot exceed the taxpayer's income or privilege tax liability after accounting for other allowable credits. It also clarifies that any unused credit cannot be carried forward beyond the taxpayer's tax liability for that year. The existing section of K.S.A. 2024 Supp. 79-32,275 is repealed, and the act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-32