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

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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
st
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.

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