Schedule K-60 - Community Service Contribution Credit (Page 2 of 2) in pdf

INSTRUCTIONS FOR SCHEDULE K-60

GENERAL INFORMATION

LINE 4 – Circle the credit percentage that was authorized by the

Kansas Department of Commerce.

K.S.A. 79-32,194 et seq. provides for an income, privilege or

LINE 5 – Multiply line 3 by line 4. Enter the result on line 5. This

premiums tax credit for contributions to an approved community

is the maximum allowable credit.

service organization engaged in providing community services.

PART B – COMPUTATION OF THIS YEAR’S CREDIT

Programs and organizations eligible to offer this credit to their

contributors are approved by the Director of Community

LINE 6 – Enter the amount of any carry forward available from a

Development of the Kansas Department of Commerce (KDOC).

prior year’s Schedule K-60. Enclose a copy of your prior year’s

The credit is either 50% of the total amount contributed during

Schedule K-60.

the taxable year, or 70% of the total amount contributed during

LINE 7 – Add lines 5 and 6 and enter the result. This is the total

the taxable year if the approved community service organization

credit available for this tax year.

is located in a rural community as defined in the law. If the credit

allowed exceeds the tax liability, the excess will be refunded.

LINE 8 – Enter your total Kansas tax liability after all credits other

Exception: A business firm who acquired the tax credit from a

than this credit. This is the maximum amount of credit allowed

business firm not subject to Kansas income, privilege or premiums

as a result of contributions made this tax year. (K-120 filers

tax must carry forward the unused assigned credit. The credit

will enter this amount in Part I of Form K-120 if the credit is

may be carried forward for up to 5 years, except that the total

not an assigned credit or one not eligible for refund.)

credit must be claimed within 10 years after the tax year the

LINE 9 – Enter the lesser of lines 7 or 8. Enter this amount on

contribution was made.

the appropriate line of your return.

Addition Modification Required. Taxpayers claiming this

PART C – COMPUTATION OF REFUNDABLE PORTION OF CREDIT

credit (except those claiming an assigned credit) must make an

addition modification on the Kansas return for the amount of any

If you are claiming this credit based on contributions made after

charitable contribution claimed on the federal return and used as

December 31, 1997, complete Part C. However, if you are claiming

the basis for the Community Service Contribution Credit.

an assigned credit, skip line 10 and complete line 11.

Assigned Credits. If you are claiming a credit that was sold,

LINE 10 – Subtract line 9 from line 7. This is the excess credit to

assigned, or conveyed to you by a business firm not subject to

be refunded. Enter this amount on the line provided on your

Kansas tax, you must enclose with Schedule K-60 copies of the

return for the refundable portion of tax credits.

written agreement assigning the credit, the notification sent to

PART D-COMPUTATION OF CREDIT CARRY FORWARD

the Director of Community Development, KDOC, as well as the

(certain taxpayers only)

acknowledgment letter received from KDOC.

You must use Part D if you are a business firm who acquired

If you are claiming a new community service contribution

the tax credit from a business firm not subject to Kansas income,

credit for contributions made this tax year, you will

privilege, or premiums tax. Assigned credits must be carried

receive an approval from the community service

forward – they are not eligible for

refund.

organization eligible to offer this credit. This approval may be an

LINE 11 – Subtract line 9 from line 7 (cannot be less than zero).

approved tax credit application or a tax credit certificate. Be sure

This is the amount of credit you have available to enter on

to keep a copy for your records as KDOR (Kansas Department of

next year’s Schedule K-60. Keep a copy of this form to file

Revenue) reserves the right to request any certifications or copies

with your tax return and Schedule K-60 for next year.

of written agreements as necessary.

TAXPAYER ASSISTANCE

SPECIFIC LINE INSTRUCTIONS

Questions about the community service organizations eligible

Enter all requested information at the top of this schedule. Be

to offer this credit to their contributors should be addressed to:

sure to complete a separate Schedule K-60 for each

Kansas Department of Commerce

community service organization you contributed to during the

Director of Community Development

tax year.

1000 SW Jackson, Suite 100

PART A – COMPUTATION OF CREDIT FOR THIS YEAR’S CONTRIBUTION

Topeka, KS 66612-1354

Phone: (785) 296-3485

LINE 1 – Enter the total contributions made to the community

Web site:

service organization this tax year.

LINE 2 – Partners, shareholders or members: Enter the

For assistance in completing this schedule contact the Kansas

percentage that represents your proportionate share in the

Department of Revenue:

partnership, S corporation, LLC or LLP. All other taxpayers:

Tax Operations

Enter 100%.

Docking State Office Building, 1st fl.

915 SW Harrison St.

LINE 3 – Multiply line 1 by line 2, and enter the result on line 3.

Topeka, KS 66625-2007

This is your share of the contributions made and claimed as

the basis for the credit this tax year. Enter this amount on the

Phone: (785) 368-8222

applicable line of your return for the required addition

Fax: (785) 291-3614

modification.

Web site:

Schedule K-60 - Community Service Contribution Credit Page 2

Related Articles

Related forms

Related Categories