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Definition:

An income tax credit equal to 15% of the personal property tax paid on qualified machinery and equipment

To Qualify:

You are eligible if you paid personal property tax on qualified business machinery and equipment without incurring any late payment penalties and you are a sole proprietorship, partnership, corporation, limited liability company, or other business organization filing an income tax return. Financial institutions filing a Kansas privilege tax return, and insurance companies paying the insurance company premiums tax are also eligible for this credit.

"Qualified machinery and equipment" means items required to be listed for property taxation on Schedule 2, Schedule 5, or Schedule 6 of the rendition. Items that DO NOT qualify for the credit include motor vehicles, personal property owned by a public utility, and property not used for a business purpose.

The basis for the credit is the personal property tax timely paid on business machinery and equipment during the tax year. Example: For tax year 2004 (calendar year), the last half of 2003 property taxes paid by May 10, 2003, and the 2004 property tax paid by December 20, 2004, is the basis of the credit.

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