Schedule K-75 - Kansas Historic Site Contribution Credit Page 2
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2INSTRUCTIONS FOR SCHEDULE K-75
LINE 2 – Maximum percentage of 50%. This percentage
GENERAL INSTRUCTIONS
determines the maximum credit allowable by law.
K.S.A. 79-32,211a provides for a 50% income, privilege
LINE 3 – Multiply line 1 by line 2 and enter the result. This is
or premiums tax credit for tax years commencing after
the maximum credit.
December 31, 2006, on contributions of at least $1,000 to a
LINE 4 – Partners, shareholders or members: Enter the
“state-owned historic site” or a 501(c)(3) organization that
percentage that represents your proportionate share in
owns and operates an historic site. The contributions are to
the partnership, S corporation, LLC or LLP. All other
be used for the purpose of restoration, preservation or
taxpayers: Enter 100%.
operation of such state-owned historic site or historic site or
the establishment or maintenance of an endowment to
LINE 5 – Multiply line 3 by line 4. This is your share of the
provide for the future stability of such state-owned historic
credit for this year’s contributions.
site or historic site.
LINE 6 – Credit limitation of $2,500. This is the maximum
Contributions must be made to a state-owned historic
allowed by law.
site or other qualified historic site that has been awarded an
LINE 7 – Enter the lesser of line 5 or line 6. This is the
allocation of these tax credits through the annual application
maximum credit allowed.
round conducted by the Kansas Historical Society.
Allocations are awarded by the Partnership Historic Site
PART B —COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR
Committee at the beginning of each state fiscal year.
The amount of the credit shall not exceed $2,500 for any
LINE 8 – Enter your Kansas tax liability for this tax year
one taxpayer in any one taxable year. In no event shall the
after all credits, other than this credit.
total amount of credits allowed under this section exceed
LINE 9 – Amount of credit allowable this tax year. Enter the
$200,000 in any one fiscal year.
lesser of line 7 or line 8. Enter this amount on the
The credit allowed shall be deducted from the taxpayer’s
appropriate line of Form K-40 or K-41.
income, premiums or privilege tax liability imposed for the
PART C —COMPUTATION OF REFUND
taxable year in which the contribution, gift or donation is
made. If the amount of the credit allowed exceeds the
LINE 10 – Excess credit to be refunded. Subtract line 9
taxpayer’s Kansas income tax liability imposed, such excess
from line 7. Enter this amount on the appropriate line
amount shall be refunded to the taxpayer. No credit will be
of Form K-40 or K-41.
allowed for contributions made after June 30, 2012.
Any contribution, gift or donation that is the basis of this
IMPORTANT: Do not send any enclosures with this
historic contribution credit shall not qualify as an expenditure
schedule, however keep copies of important
for the purpose of qualifying for the credit provided in K.S.A.
documentation with your records. The Kansas
79-32,211 (Historic Preservation Credit, Schedule K-35).
Department of Revenue reserves the right to request
Contributions, gifts or donations include monetary
additional information as necessary.
contributions, gifts or donations and in kind contributions,
gifts or donations that have an established market value.
TAXPAYER ASSISTANCE
Historic site means any building or structure that is
significant in the history, architecture, archeology or culture
of the state of Kansas or Kansas communities or the nation.
For information regarding state historical sites contact:
Such historic site must be listed on the national register of
historic places or the register of historic Kansas places, be
Cultural Resources Division
open to the public or have the potential to be open to the
Kansas State Historical Society
public for at least 500 hours a year, and be owned and
6425 SW 6
th
Ave.
operated for the purpose of educating the public about a
Topeka, KS 66615-1099
specific aspect of Kansas and United States history.
Phone: (785) 272-8681 Ext. 240
State-owned historic site means a historic site under
Fax: (785) 272-8682
the jurisdiction and control of the State Historical Society.
Web site:
SPECIFIC LINE INSTRUCTIONS
For information and assistance in completing this
Indicate to whom the contribution was made; include
schedule contact the Kansas Department of Revenue:
name of organization, street address, city, state and zip code.
Use the additional line for contributions made to a second
Tax Operations
organization.
Docking State Office Building
915 SW Harrison St., 1
st
Floor
PART A —COMPUTATION OF CREDIT
Topeka, KS 66625-2007
LINE 1 – Enter the total amount of contributions of $1,000
Phone: (785) 368-8222
or more to a “state-owned historic site” or a 501(c)(3)
Web site:
organization that owns and operates an historic site.
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