This bill amends K.S.A. 2025 Supp. 79-32,261 to extend the tax credit for contributions made to community colleges and technical colleges in Kansas for capital improvements, deferred maintenance, or the purchase of technology and equipment. The new provisions allow taxpayers to claim a credit of 60% of their contributions for tax years 2022 through 2031, with the credit applicable to contributions made during the entire tax year. The bill also establishes that contributions to community colleges and technical colleges must be deposited into specific funds for designated purposes, and it sets limits on the total amount of credits that can be claimed by taxpayers for contributions to these institutions.

Additionally, the bill introduces a mechanism for taxpayers who are not subject to Kansas income, privilege, or premium taxes to sell or transfer their earned tax credits, allowing them to offset their tax liabilities. The secretary of revenue is tasked with submitting an annual report to the legislature regarding the utilization of these credits, and the bill includes provisions for the adoption of necessary rules and regulations for its administration. The existing section of K.S.A. 2025 Supp. 79-32,261 is repealed, and the act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-32