Fillable Schedule K-82 - Kansas Storage And Blending Equipment Credit (Page 2 of 2) in pdf

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,

LINE 7 – Credit limit on the total qualified investment. Add line 3

refinery or biofuel production plant for tax years beginning after

and line 6.

December 31, 2006 and before January 1, 2012. The credit is

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.

LINE 10 – Partners, shareholders or members: Enter the

Before making a qualified investment, a taxpayer shall apply

percentage that represents your proportionate share in the

to the Kansas Secretary of Commerce to enter into an agreement

partnership, S corporation, LLC or LLP. All other taxpayers:

for a tax credit. After receipt of such application, the secretary

Enter 100%.

may enter into an agreement with the applicant for a storage and

LINE 11 – Your share of the credit. Multiply line 9 by line 10.

blending equipment credit if the secretary determines that the

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

LINE 12 – Enter the amount from line 11, Schedule K-82 from

deduction after the 14th taxable year after the taxable year in

the first year in which this credit was claimed.

which the first annual installment is allowed.

LINE 13 – Enter the amount of available carry forward credit from

Expenditures used to qualify for this credit shall not be used to

the prior year’s Schedule K-82.

qualify for any other type of Kansas income tax credit.

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

LINE 16 – Enter the lesser of lines 14 or 15. This is the amount of

which is supplied by motor vehicle, pipeline or marine vessel and

credit allowed for this tax year. Enter this amount on the

from which motor fuels may be removed at a rack. ‘‘Fuel terminal’’

appropriate line of Form K-40, Form K-41 or Form K-120.

does not include any facility at which motor fuel blend stocks and

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.

PART C – COMPUTATION OF CARRY FORWARD CREDIT

Qualified investment means expenditures made for purchase,

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

Web site:

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

Department of Revenue:

LINE 2 – The credit is limited to 10% of the first $10,000,000 of

qualified investment.

Tax Operations

Docking State Office Building, 1

Floor

LINE 3 – Credit limit on the qualified investment for the first

915 SW Harrison St.

$10,000,000. Multiply line 1 by line 2, and enter the result.

Topeka, KS 66625-2007

LINE 4 – Enter the total qualified investment which exceeds the

Phone: (785) 368-8222

first $10,000,000 of investment made in storage and blending

Fax: (785) 291-3614

equipment installed at a fuel terminal, refinery or biofuel

Web site:

production plant.

Schedule K-82 - Kansas Storage And Blending Equipment Credit Page 2

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