Kansas Statutes 40-252f. Credit for insurance companies for certain business investment expenses in qualified business facilities; eligibility; definitions
Terms Used In Kansas Statutes 40-252f
- Commissioner: means the commissioner of insurance of this state;
(b) "company" means any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to the administrative, regulatory or taxing authority of the commissioner;
(c) "department" means the department of insurance of this state;
(d) "examiner" means any individual or firm having been authorized by the commissioner to conduct an examination under this act;
(e) "insurer" shall have the meaning ascribed to the term "insurance company" by Kan. See Kansas Statutes 40-222f
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- insurance company: shall mean and include all corporations, companies, associations, societies, fraternal benefit societies, reciprocal exchanges, persons or partnerships writing contracts of insurance, indemnity or suretyship in this state upon any type of risk or loss except insurance companies transacting business pursuant to the provisions of Kan. See Kansas Statutes 40-222c
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) For tax years 2007, and thereafter, a foreign or domestic insurance company required to pay a tax on premiums under subsection (A), (C), (D) or (F) of Kan. Stat. Ann. § 40-252, and amendments thereto, shall be allowed credits against such tax in amounts equal to the amount of such credits allowable under Kan. Stat. Ann. § 74-50,132, 79-32,153 and 79-32,160a, and amendments thereto, when:
(1) Such credits are earned but not used by a related corporation not required to pay a tax on premiums under Kan. Stat. Ann. § 40-252, and amendments thereto;
(2) the value of such credits is made available to the related corporation through a reduction in costs charged to the related corporation by such insurance company or the transfer of funds to the related corporation in an amount equal to the credit claimed by the insurance company; and
(3) when the entity earning the credits is engaged in a contract that is subject to the federal acquisition regulations for services related to the administration of the federal medicare program and has engaged in the investment in a qualified business facility as defined in Kan. Stat. Ann. § 79-32,154, and amendments thereto, with respect to the acquisition or retention of a contract to administer the federal medicare program.
(b) In each tax year that the related corporation assigns to an insurance company its right to credits under this section, the related corporation must file and submit a signed waiver to the commissioner of insurance and the secretary of revenue on a form supplied by the secretary of revenue.
(c) “Related corporation” shall mean a corporation or partnership controlled by the insurance company. For the purposes of this act, “controlled by the insurance company” shall mean:
(1) In the case of a corporation, ownership, directly or indirectly, of stock possessing at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of all other classes of stock of the corporation; and
(2) in the case of a partnership ownership of at least 80% of the capital or profits interest in such partnership.