Form K-60 - Kansas Community Service Contribution Credit (Page 2 of 2) in pdf

INSTRUCTIONS FOR SCHEDULE K-60

GENERAL INFORMATION

PART B – COMPUTATION OF THIS YEAR’S CREDIT

HPIP INVESTMENT TAX CREDIT

LINE 6 – Enter the amount of any carry forward available from a prior

K.S.A. 79-32,194 et seq. provides a tax credit for any business

year’s Schedule K-60. Enclose a copy of your prior year’s

firm, including privilege and premiums tax taxpayers, that contributes

Schedule K-60.

to an approved community service organization engaged in providing

community services. Effective for all taxable years beginning after

LINE 7 – Add lines 5 and 6.

December 31, 2000, any individual taxpayer (not just those with

LINE 8 – Enter your total Kansas tax liability after all credits other

business income) subject to the Kansas income tax act are also eligible

than this credit. This is also the maximum amount of credit

to claim the credit for contributions made to an approved community

allowable as a result of contributions made this tax year. (K-120

service organization. Programs and organizations eligible to offer this

filers will enter this amount in Part I of Form K-120 if the credit is

credit to their contributors are approved by the Director of Community

not an assigned credit or one not eligible for refund.)

Development of the Kansas Department of Commerce.

LINE 9 – Enter the lesser of lines 7 or 8. Enter this amount on the

The credit is either 50% of the total amount contributed during the

appropriate line of your return.

taxable year, or 70% of the total amount contributed during the taxable

year if the approved community service organization is located in a

PART C – COMPUTATION OF REFUNDABLE

rural community as defined in the law. Effective for all tax years

PORTION OF CREDIT

beginning after December 31, 1998, if the credit allowed exceeds the

tax liability, the excess will be refunded. Exception: A business firm

If you are claiming this credit based on contributions made after December 31,

who acquired the tax credit from a business firm not subject to Kansas

1997, complete Part C. However, if you are claiming an assigned credit or a carry

income, privilege or premiums tax must carry forward the unused

forward from contributions made prior to December 31, 1997, skip line 10 and

assigned credit. The credit may be carried forward for up to 5 years,

complete line 11.

except that the total credit must be claimed within 10 years after the

LINE 10 – Subtract line 9 from line 7. This is the excess credit to be

tax year the contribution was made.

refunded. Enter this amount on the line provided on your return

Addition Modification Required. Taxpayers claiming this credit

for the refundable portion of tax credits.

(except those claiming an assigned credit) must make an addition

modification on the Kansas return for the amount of any charitable

PART D-COMPUTATION OF CREDIT CARRY FORWARD

contribution claimed on the federal return and used as the basis for

Certain Taxpayers ONLY

the Community Service Contribution Credit.

Required Enclosures. If you are claiming a new community

You must use Part D if you are:

service contribution credit for contributions made this tax year, you

· a business firm who acquired the tax credit from a business firm

must enclose a copy of the approved Tax Credit Application received

not subject to Kansas income, privilege, or premiums tax. Assigned

from the community service organization eligible to offer this credit or

credits must be carried forward – they are not eligible for refund.

the credit will be disallowed. If you are just claiming a carryover credit

this tax year, a copy of the Tax Credit Application is not required, but

· claiming a carry forward from contributions made prior to December

you must enclose a copy of the prior year’s Schedule K-60.

31, 1997. For tax years after December 31, 1998, the credit is

Assigned Credits: If you are claiming a credit sold, assigned, or

refundable for all taxpayers except those claiming assigned credits.

conveyed to you by a business firm not subject to Kansas tax, you

must enclose with Schedule K-60 copies of the written agreement

LINE 11 – Subtract line 9 from line 7. Do not enter an amount less

assigning the credit, the notification sent to the Director of Community

than zero. This is the amount of credit you will have available to

Development, Kansas Department of Commerce, as well as the

enter on line 6 of next year’s Schedule K-60. Keep a copy of this

acknowledgment letter received from Commerce.

form to file with your tax return and Schedule K-60 for next year.

SPECIFIC LINE INSTRUCTIONS

TAXPAYER ASSISTANCE

Complete a separate Schedule K-60 for each community service organization

Questions about the community service organizations that are

you contributed to during the tax year.

eligible to offer this credit to their contributors should be addressed to:

Enter all requested information at the top of this schedule.

Kansas Department of

Commerce

Director of Community Development

PART A – COMPUTATION OF CREDIT FOR THIS

1000 SW Jackson, Suite 100

YEAR’S CONTRIBUTION

Topeka, KS 66612-1354

(785) 296-3485

LINE 1 – Enter the total contributions made to the community service

organization this tax year.

LINE 2 – Partners or shareholders: Enter the percentage that

For assistance in completing this schedule contact the Kansas

represents your ownership in the partnership, S corporation, LLC

Department of Revenue.

or LLP. All other taxpayers: Enter 100%.

Taxpayer Assistance Center

LINE 3 – Multiply line 1 by line 2, and enter the result on line 3. This is

Docking State Office Building, 1

Floor

your share of the contributions made and claimed as the basis for

915 SW Harrison St.

Topeka, KS 66625-2007

the credit this tax year. Enter this amount on the applicable line

of your return for the required addition modification.

Phone: (785) 368-8222

LINE 4 – Circle the credit percentage authorized by the Department

Hearing Impaired TTY: (785) 296-6461

of Commerce.

Additional copies of this schedule and other tax forms are available

LINE 5 – Multiply line 3 by line 4. Enter the result on line 5. This is

from our office or web site:

the maximum allowable credit.

Form K-60 - Kansas Community Service Contribution Credit Page 2

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