Same; accelerated depreciation, deduction

Official textksrevisor.govlast amended 2006

# (a)

In addition to the income tax credit allowable pursuant to K.S.A. 79-32,217 through 79-32,220 , and amendments thereto, a taxpayer shall be entitled to a deduction from Kansas adjusted gross income with respect to the amortization of the amortizable costs of a new refinery, an expansion of an existing refinery or restoration of production of a refinery which has been out of production for five or more years based upon a period of 10 years. Such amortization deduction shall be an amount equal to 55% of the amortizable costs of such new refinery, such expansion of an existing refinery or such restoration of production of a refinery for the first taxable year in which such refinery, such expansion of an existing refinery or such restoration of production of a refinery is in production and 5% of the amortizable costs of such new refinery, such expansion of an existing refinery or such restoration of production of a refinery for each of the next nine taxable years.

# (b)

The election of the taxpayer to claim the deduction allowed by subsection (a) shall be made by filing a statement of such election with the secretary of revenue in the manner and form and within the time prescribed by rules and regulations adopted by the secretary.

# (c)

The provisions of this section shall apply to all taxable years commencing after December 31, 2005.

# (d)

The secretary of revenue shall adopt such rules and regulations as deemed necessary to carry out the provisions of this section.

# (e)

As used in this section, terms have the meanings provided by K.S.A. 79-32,217 , and amendments thereto.

Amendment history

L. 2006, ch. 209, § 5; July 1.

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