Fillable Schedule K-32 - Kansas Regional Foundation Contribution Credit (Page 2 of 2) in pdf

INSTRUCTIONS FOR SCHEDULE K-32

GENERAL INSTRUCTIONS

LINE 4 – The credit amount is 75% of the amount contributed

during this tax year and claimed on line 3.

K.S.A. 74-50,154 provides a tax credit against the income,

LINE 5 – Multiply line 3 by line 4 and enter the result on line 5.

privilege or premiums tax for any taxpayer contributing to an

This is the maximum allowable credit.

organization designated and approved by the secretary of

commerce as a regional foundation. A “regional foundation”

is an organization in Kansas that meets the criteria in the law

K-120 and K-130 filers STOP HERE. Enter the amount on

that demonstrates a capacity to provide economic

line 5 of Schedule K-32 in Part I of Form K-120, Schedule of

Refundable Credits; or line 30 of Form K-130.

development services to multi-county areas.

The credit is 75% of the total amount contributed during the

taxable year to the regional foundation eligible to offer the

PART B – COMPUTATION OF THIS YEAR’S CREDIT

credit to its contributors. The total amount of credits allowed

(K-40 AND K-41 FILERS ONLY)

shall not exceed $2,000,000 per year for fiscal years 2007

through, and including, 2012 and $1,800,000 for fiscal year

LINE 6 – Enter your total Kansas tax liability after all credits

2011. If the credit allowed a taxpayer exceeds their tax liability,

other than this credit.

the excess will be refunded.

LINE 7 – Enter the lesser of line 5 or line 6. Also, enter this

Contributions. A “contribution” includes the donation of

amount on the appropriate line of your return (for example,

cash, services or property (other than used clothing) in an

amount or value of $250 or more.

line 15 of Form K-40).

Addition Modification Required. Taxpayers claiming this

credit must make an addition modification on the Kansas

PART C – COMPUTATION OF REFUNDABLE PORTION OF CREDIT

return for the amount of any contribution claimed on the federal

(K-40 AND K-41 FILERS ONLY)

return and used as the basis for the Regional Foundation

Contribution Credit.

LINE 8 – Subtract line 7 from line 5. This is the excess credit

No Required Enclosures. Do not send any enclosures

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

with this credit schedule. The Department of Commerce will

your return for the refundable portion of tax credit (for

provide KDOR (Kansas Department of Revenue) with

example, line 24 of Form K-40).

information required to process this credit, however if

additional information is needed, KDOR reserves the right to

TAXPAYERASSISTANCE

request it at a later date.

Questions about the regional foundations eligible to offer

SPECIFIC LINE INSTRUCTIONS

this credit to their contributors should be addressed to:

Kansas Department of Commerce

Complete a separate Schedule K-32 for each

Community Development Division

regional foundation you contributed to during the tax

1000 SW Jackson, Suite 100

year.

Topeka, KS 66612-1354

Enter all requested information at the top of this schedule.

Phone: (785) 296-3485

Fax: (785) 296-0186

PART A – COMPUTATION OF CREDIT AVAILABLE

FOR THIS YEAR’S CONTRIBUTION

For assistance in completing this schedule contact:

LINE 1 – Enter the total contributions made to the regional

Taxpayer Assistance Center

foundation this tax year.

Kansas Department of Revenue

LINE 2 – Partners, shareholders or members: Enter the

Docking State Office Building, 1

Floor

percentage that represents your proportionate share in

915 SW Harrison St.

the partnership, S corporation, LLC or LLP. All other

Topeka, KS 66625-2007

taxpayers: Enter 100%.

Phone: (785) 368-8222

Fax: (785) 291-3614

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

line 3. This is your share of the contributions made and

Additional copies of this income tax credit schedule and

claimed as the basis for the credit this tax year. Enter this

other tax forms are available from our web site at:

amount on the applicable line of your return for the

required addition modification.

Schedule K-32 - Kansas Regional Foundation Contribution Credit Page 2

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