Kansas Statutes 79-32,155. Same; election to defer credit
Terms Used In Kansas Statutes 79-32,155
- Commencement of commercial operations: shall be deemed to occur during the first taxable year for which the qualified business facility is first available for use by the taxpayer, or first capable of being used by the taxpayer, in the revenue producing enterprise in which the taxpayer intends to use the qualified business facility. See Kansas Statutes 79-32,154
- Facility: shall mean any factory, mill, plant, refinery, warehouse, feedlot, building or complex of buildings located within the state, including the land on which such facility is located and all machinery, equipment and other real and tangible personal property located at or within such facility used in connection with the operation of such facility. See Kansas Statutes 79-32,154
- Qualified business facility: shall mean a facility which satisfies the requirements of paragraphs (1) and (2) of this subsection. See Kansas Statutes 79-32,154
- Secretary: means secretary of the Kansas department of revenue. See Kansas Statutes 79-32,278
A taxpayer entitled to the credit allowed by Kan. Stat. Ann. § 79-32,153, and amendments thereto, may elect to defer the commencement of the ten-year period during which such credit is allowed to any taxable year not later than the third taxable year following the taxable year in which commencement of commercial operations at the qualified business facility occurs. The taxpayer shall perfect such election by notifying the secretary of revenue, by a written statement attached to the return for the taxable year in which commencement of commercial operations at the qualified business facility occurs, of the intention to make such election. Once said election has been perfected, the credit shall be allowed for the taxable year specified in such election and for each of the nine succeeding taxable years.