- 2 -
|
INSTRUCTIONS FOR SCHEDULE K-82
GENERAL INFORMATION LINE 5 – The credit is limited to 5% of the qualified investment
that exceeds $10,000,000.
K.S.A. 79-32,251 provides a tax credit against the Kansas LINE 6 – Credit limit on the qualified investment that exceeds
income tax liability of a taxpayer who makes a qualified investment $10,000,000. Multiply line 4 by line 5
in storage and blending equipment installed at a fuel terminal,
refinery or biofuel production plant for tax years beginning after LINE 7 – Credit limit on the total qualified investment. Add line 3
December 31, 2006 and before January 1, 2012. The credit is and line 6.
10% of the taxpayer’s qualified investment on the first $10,000,000 LINE 8 – Authorized credit percentage. This credit may be claimed
invested, and 5% of the taxpayer’s qualified investment that in ten (10) equal annual installments.
exceeds $10,000,000. The credit will be taken in ten (10) equal, LINE 9 – Total credit allowed to be claimed this tax year. Multiply
annual installments, beginning with the year in which the taxpayer line 7 by line 8.
places into service the storage and blending equipment.
Before making a qualified investment, a taxpayer shall apply LINE 10 – Partners, shareholders or members: Enter the
to the Kansas Secretary of Commerce to enter into an agreement percentage that represents your proportionate share in the
for a tax credit. After receipt of such application, the secretary partnership, S corporation, LLC or LLP. All other taxpayers:
may enter into an agreement with the applicant for a storage and Enter 100%.
blending equipment credit if the secretary determines that the LINE 11 – Your share of the credit. Multiply line 9 by line 10.
taxpayer’s proposed investment satisfies the requirements.
PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR
If the credit allowed exceeds the investor’s tax liability in any
one taxable year, the amount of the credit that exceeds the tax Indicate, by checking the appropriate box, which year of the
liability may be carried forward until the total amount of the credit annual installments for which this credit is being claimed.
is used, except that no such tax credit shall be carried over for
deduction after the 14th taxable year after the taxable year in LINE 12 – Enter the amount from line 11, Schedule K-82 from
which the first annual installment is allowed. the first year in which this credit was claimed.
Expenditures used to qualify for this credit shall not be used to LINE 13 – Enter the amount of available carry forward credit from
qualify for any other type of Kansas income tax credit. the prior year’s Schedule K-82.
Biofuel means fuel made from organic matter, including solid LINE 14 – Add lines 12 and 13 and enter the result.
and liquid organic waste, but excluding fuel made from oil, natural LINE 15 – Enter your total Kansas tax liability for this tax year
gas, coal or lignite, or any product thereof. after all credits, other than this credit.
Fuel terminal means a fuel storage and distribution facility
which is supplied by motor vehicle, pipeline or marine vessel and LINE 16 – Enter the lesser of lines 14 or 15. This is the amount of
from which motor fuels may be removed at a rack. ‘‘Fuel terminal’’ credit allowed for this tax year. Enter this amount on the
does not include any facility at which motor fuel blend stocks and appropriate line of Form K-40, Form K-41 or Form K-120.
additives are used in the manufacture of products other than motor If line 16 is less than line 14, complete PART C.
fuels and from which no motor fuels are removed.
Qualified investment means expenditures made for purchase, PART C – COMPUTATION OF CARRY FORWARD CREDIT
construction or installation of storage and blending equipment. LINE 17 – Subtract line 16 from line 14. This is the amount of
Refinery means an industrial process plant, located in this credit to carry forward to next year’s Schedule K-82.
state, were crude oil is processed and refined into petroleum
products. IMPORTANT: Do not send any enclosures with this
Storage and blending equipment means equipment used schedule. A copy of the approved authorization from the
for storing and blending petroleum-based fuel and biodiesel, Kansas Secretary of Commerce must be kept with your
ethanol or other biofuel and is installed at a fuel terminal, refinery records. The Kansas Department of Revenue reserves the right
or biofuel production plant. Storage and blending equipment does to request additional information as necessary.
not include equipment used only for denaturing ethyl alcohol.
TAXPAYER ASSISTANCE
SPECIFIC LINE INSTRUCTIONS
Direct any questions about qualifying for this credit to:
Enter all requested information at the top of this schedule.
Kansas Department of Commerce
PART A – COMPUTATION OF CREDIT 1000 SW Jackson, Suite 100
(To be completed only in the first year that this credit is claimed) Topeka KS 66612-1354
Phone: 785 296-3481
LINE 1 – Enter the total qualified investment up to and including -
Website: kansascommerce.com
the first $10,000,000 in storage and blending equipment
installed at a fuel terminal, refinery or biofuel production plant. For assistance in completing this schedule contact the Kansas
LINE 2 – The credit is limited to 10% of the first $10,000,000 of Department of Revenue:
qualified investment. Taxpayer Assistance
LINE 3 – Credit limit on the qualified investment for the first 120 SE 0th1Ave
$10,000,000. Multiply line 1 by line 2, and enter the result. PO Box 750260
LINE 4 – Enter the total qualified investment which exceeds the Topeka KS 66699-0260
first $10,000,000 of investment made in storage and blending Phone: 785-368-8222
equipment installed at a fuel terminal, refinery or biofuel Fax: 785 291-3614-
production plant. Website: ksrevenue.org
|