INCOME TAXPAYERS-Effective for all taxable years beginning after December 31, 2000.

For all taxable years commencing after December 31, 2000, and with respect to property initially acquired and first placed into service in this state on and after January 1, 2001, there shall be allowed an income tax credit, for an amount equal to the difference between the property tax levied at 33% assessment rate and an assessment rate of 25% on all taxes actually and timely paid during the appropriate income tax year.

Qualifications

A credit shall be allowed against the tax liability imposed by the Kansas income tax act of a telecommunications company, as defined in K.S.A. 79-3271.

The property tax levied, must be actually and timely paid during the tax year for which the credit is taken.

Credit Amount

The total credit is an amount equal to the difference between the property tax levied for property tax year 2001, and all years thereafter, upon property assessed at the 33% assessment rate and the property tax which would be levied and paid on such property if assessed at a 25% assessment rate.

Refundable? This is a refundable credit and therefore if the available credit exceeds the tax liability for the telecommunication company for any year all additional credit will be refunded to the telecommunication company or all proper partners, owners, or members of the partnership, S corporation, LLP or LLC.

Telecommunications Company

K.S.A. 79-3271 provides: Telecommunications company means any business entity or unitary group of entities whose primary business activity is the transmission of communications in the form of voice, data, signals or facsimile communications by wire or fiber optic cable.

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