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Kansas University Deferred Maintenance Credit Instructions
Extracted from PDF file 2023-kansas-form-k-85.pdf, last modified August 2010University Deferred Maintenance Credit Instructions
WORKSHEET INSTRUCTIONS (K-85) GENERAL INSTRUCTIONS LINE 2 – This percentage (50%) determines the maximum credit allowable by law. K.S.A. 79-32,261 provides for a 50% income, privilege or premiums tax credit for contributions made on and after July 1, 2008 by any taxpayer who contributes to a Kansas Postsecondary Educational Institution for purposes of deferred maintenance. This tax credit is applicable for tax year 2008 for any contributions made on and after July 1, 2008, and for the tax years 2009, 2010, 2011 and 2012 for any contributions made during the entire tax year. When a taxpayer contributes to a Kansas “Postsecondary Educational Institution” or “university,” the taxpayer will receive a Tax Credit Certificate containing an identification number. DO NOT file the Tax Credit Certificate with this credit schedule. If the amount of the credit allowed for a taxpayer who contributes to a university exceeds the taxpayer’s Kansas tax liability, such amount that exceeds the tax liabiity may be carried over for credit in the next succeeding taxable year or years until the total amount of the tax credit has been used, except that no such tax credit shall be carried over for credit after the third taxable year succeeding the taxable year in which the contribution was made. Postsecondary Educational Institution or University means Emporia State University, Fort Hays State University, Kansas State University, Pittsburg State University, University of Kansas, Washburn University, and Wichita State University. LINE 3 – Multiply line 1 by line 2 and enter the result. This is the maximum credit allowable. LINE 4 – Partners, shareholders or members: Enter the percentage that represents your proportionate share in the partnership, S corporation, LLC or LLP. All other taxpayers: Enter 100%. LINE 5 – Multiply line 3 by line 4 and enter the result. This is your share of the total credit for the amount contributed this year. PART B —COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR LINE 6 – Amount of carry forward from prior year. Enter the amount from the prior year credit. Not applicable for first year the credit is claimed (2008). LINE 7a – Total credit available this tax year. Add lines 5 and 6 and enter the result. LINE 7b—Multiply the amount on line 7a by 90% (.90) and enter the result. has carryforward from 2008 and two new contributions for 2009 - a 2009 Schedule K-85 would be filed for the carryfoward from 2008 with the 2008 tax credit certificate number and two 2009 Schedule K-85s would be filed for the two new 2009 credits - one for each of the tax credit certificate numbers. LINE 8a – Enter the total Kansas tax liability for this tax year. If you are filing more than one (1) credit schedule this year, enter only the amount of tax liability you wish to apply to this credit. The amount entered on line 8a (not line 8b) is the amount of tax liability considered to be “used” when calculating the remaining tax liability to be applied against other credits. Example: If your tax liability is $1,000 (before applying the 90% reduction) and the amount entered on line 8a is $400, then the amount of tax liability available to apply to any other credit schedules would be $600. LINE 8b—Multiply the amount on line 8a by 90% (.90) and enter the result. SPECIFIC LINE INSTRUCTIONS LINE 9 – Enter the lesser of line 7b or line 8b. Enter this amount on the appropriate line of Form K-40 or K-120. A SEPARATE SCHEDULE K-85 should be prepared/filed for each credit claimed – including a separate schedule for credits carried forward from the prior year. For example, if a taxpayer Enter all requested information at the top of this schedule. If line 8a is less than line 7a, complete PART C. PART A - COMPUTATION OF CREDIT PART C —COMPUTATION OF CARRY FORWARD CREDIT LINE 1 – Enter the total amount contributed to a Kansas Postsecondary Educational Institution on and after July 1, 2008 for deferred maintenance. LINE 10 – Subtract line 8a from line 7a, and enter the result. This is the amount of credit to carry forward to next year.
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More about the Kansas Form K-85 Corporate Income Tax Tax Credit TY 2023
We last updated the University Deferred Maintenance Credit Instructions in February 2024, so this is the latest version of Form K-85, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form K-85 directly from TaxFormFinder. You can print other Kansas tax forms here.
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TaxFormFinder has an additional 73 Kansas income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form K-4 | Employees Withholding Allowance Certificate |
| Form K-120ES | Corporate Estimated Tax Payment Vouchers |
| Form K-41 | Fiduciary Income Tax |
| Form IA-81 | Claim to Support Withholding Tax Credit |
| Form 1041V | Fiduciary Income Tax Voucher |
View all 74 Kansas Income Tax Forms
Form Sources:
Kansas usually releases forms for the current tax year between January and April. We last updated Kansas Form K-85 from the Department of Revenue in February 2024.
Form K-85 is a Kansas Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Kansas Form K-85
We have a total of eleven past-year versions of Form K-85 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2013 Form K-85
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2011 Form K-85
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