Fillable Schedule K-31 - Kansas Center For Entrepreneurship Credit (Page 2 of 2) in pdf

INSTRUCTIONS FOR SCHEDULE K-31

GENERAL INFORMATION

PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR

LINE 6 – Enter the amount of available carry forward credit

K.S.A. 74-99c09 provides a tax credit against the income

from the prior year’s Schedule K-31.

or premiums tax for an investor making a contribution of

cash or property (other than used clothing) in an amount or

LINE 7 – Add amounts on line 5 and 6 and enter the result.

value of $250 or more to the KCE (Kansas Center for

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

Entrepreneurship). The credit is 75% of the total amount of

other than this credit.

cash or property donated during the taxable year, subject to

LINE 9 – Enter the lesser of lines 7 or 8. This is the amount

the limitations below. If the credit allowed exceeds the

of credit allowed for this tax year. Enter this amount on

investor’s tax liability in any one taxable year, the remaining

the appropriate line of Form K-40, Form K-41 or Form

portion of the credit may be carried forward until the total

K-120.

amount of the credit is used.

PART C – COMPUTATION OF CARRY FORWARD CREDIT

To receive this credit your application for registration of

authorized tax credits must be approved by the KCE.

LINE 10 – Subtract line 9 from line 7. This is the amount of

credit to carry forward and enter on line 6 of next year’s

This tax credit is limited to $50,000 per individual

Schedule K-31.

contributor per tax year.

A “contribution” is the donation of cash or property, other

IMPORTANT: Do not send any enclosures with this

than used clothing, in an amount or value of $250 or more.

schedule. A copy of the approved authorization from

A “contributor” is a person or entity making a contribution

the KCE must be kept with your records. KDOR

to the KCE.

(Kansas Department of Revenue) reserves the right to

request additional information as necessary.

SPECIFIC LINE INSTRUCTIONS

TAXPAYER ASSISTANCE

Enter all requested information at the top of this schedule.

Questions about the KCE should be addressed to:

PART A – COMPUTATION OF CREDIT AVAILABLE FROM

Kansas Center for Entrepreneurship

THIS YEAR’S CONTRIBUTION

1845 Fairmount, Box 202

Wichita, KS 67260-0202

LINE 1 – Enter the total contribution made to the KCE

Toll Free Phone: 877-521-8600

(Kansas Center For Entrepreneurship) this tax year.

LINE 2 – Partners, shareholders or members: Enter the

percentage that represents your proportionate share in

For assistance in completing this schedule contact:

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

Taxpayer Assistance Center

taxpayers: Enter 100%.

Kansas Department of Revenue

915 SW Harrison St.

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

Topeka, KS 66625-2007

LINE 4 – The credit is limited to 75% of the contribution

Phone: (785) 368-8222

made during this tax year.

Fax: (785) 291-3614

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

Additional copies of this income tax credit schedule and

This is your share of the tax credit for the contributions

other tax forms are available from our web site at:

made this tax year.

Schedule K-31 - Kansas Center For Entrepreneurship Credit Page 2

Related Articles

Related forms

Related Categories