On April 15, 2021, Kansas Governor Laura Kelly signed legislation (Senate Bill 65) that streamlines the eligibility requirements and creates a market for selling a portion of the high-performance tax credit. Under the program, Kansas taxpayers can pursue income tax credits generated from training costs and capital investment as well as a project-specific sales tax exemption certificate. Qualified taxpayers with a net operating loss can improve cash flow by selling the credit.
This legislation makes two key changes to the program:
- Removes the training criteria required for eligibility.
- Allows a company to transfer up to 50% of its tax credits for projects placed in service after January 1, 2021.
TECHNICAL INFORMATION CONTACTS:
Joseph M. Stachnik
Principal
Ryan
312.980.1131
joe.stachnik@ryan.com
Michael Camden
Director
Ryan
512.960.1063
michael.camden@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Credits and Incentives
- Kansas