Kansas Statutes Annotated Chapter 79 — Taxation

K.S.A. 79-32,256

Carbon dioxide capture, sequestration or utilization machinery or equipment; accelerated depreciation, deduction

Official textksrevisor.govlast amended 2007

# (a)

A taxpayer shall be entitled to a deduction from Kansas adjusted gross income with respect to the amortization of the amortizable costs of carbon dioxide capture, sequestration or utilization machinery and equipment based upon a period of 10 years. Such amortization deduction shall be an amount equal to 55% of the amortizable costs of such machinery and equipment for the first taxable year in which such machinery and equipment are in operation and 5% of the amortizable costs of such machinery and equipment 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, 2007.

# (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, "carbon dioxide capture, sequestration or utilization machinery and equipment" means any machinery and equipment which is located in this state and is:

# (1)

Used to capture carbon dioxide from industrial and other anthropogenic sources, or to convert such carbon dioxide into one or more products;

# (2)

used to inject carbon dioxide into a carbon dioxide injection well, as defined in K.S.A. 55-1637 , and amendments thereto; or (3) used to recover carbon dioxide from sequestration.

Amendment history

L. 2007, ch. 73, § 7; July 1.

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