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Kansas Regional Foundation Contribution Credit
Extracted from PDF file 2023-kansas-form-k-32.pdf, last modified October 2010Regional Foundation Contribution Credit
190918 KANSAS K-32 REGIONAL FOUNDATION CONTRIBUTION CREDIT (Rev. 8-19) For the taxable year beginning, _________________ , 20____ ; ending _________________ , 20____ . Name of taxpayer (as shown on return) Social Security Number or Employer ID Number (EIN) If partner, shareholder or member, enter name of partnership, S corporation, LLC or LLP Employer ID Number (EIN) IMPORTANT: In order to receive this credit, each Regional Foundation must be approved by the Secretary of Commerce and any contributors to a Regional Foundation must obtain an approved Tax Credit Application from the Regional Foundation. Complete a separate Schedule K-32 for each regional foundation contributed to this taxable year. Contributions were made to: ___________________________________________________________________________________ Regional Foundation Name __________________________________________________________________________________________________________ Street, PO Box, or RR City State Zip Code Exact date and amount of contributions made this taxable year (if additional space is needed, enclose a separate sheet): Date Amount Date Amount _____________________ ______________________ ______________________ _____________________ _____________________ ______________________ ______________________ _____________________ _____________________ ______________________ ______________________ _____________________ PART A – COMPUTATION OF CREDIT AVAILABLE FOR THIS YEAR’S CONTRIBUTION 1. Total contributions made to the approved regional foundation this tax year. 1. ________________ 2. Enter your proportionate share percentage. See instructions. 2. ________________ 3. Multiply line 1 by line 2. Enter this amount on the applicable line of your return for the required addition modifications. 3. ________________ 4. Authorized credit percentage. 4. 75% ________________ 5. Your share of the credit for the contributions made this year. Multiply line 3 by line 4. Form K-120 and K-130 filers STOP HERE and enter this amount on the appropriate line of your return. See instructions. 5. ________________ 6. Amount of your Kansas tax liability for this tax year after all credits other than this credit. 6. ________________ 7. Amount of credit this tax year. Enter the lesser of line 5 or line 6. Also, enter this amount on the appropriate line of Form K-40 or K-41. 7. ________________ PART B – COMPUTATION OF THIS YEAR’S CREDIT (K-40 and K-41 filers ONLY) If line 7 is less than line 5, complete PART C. PART C – COMPUTATION OF REFUNDABLE PORTION OF CREDIT (SEE INSTRUCTIONS) 8. Subtract line 7 from line 5. This is the excess credit to be refunded. Enter this amount on the line provided on your return (Form K-40 or K-41) for the refundable portion of tax credits. 8. ________________ INSTRUCTIONS FOR SCHEDULE K-32 GENERAL INSTRUCTIONS K.S.A. 74-50,154 provides a tax credit against the income, privilege or premiums tax for any taxpayer contributing to an organization designated and approved by the secretary of commerce as a regional foundation. A “regional foundation” is an organization in Kansas that meets the criteria in the law that demonstrates a capacity to provide economic development services to multi-county areas. The credit is 75% of the total amount contributed during the taxable year to the regional foundation eligible to offer the credit to its contributors. The total amount of credits allowed shall not exceed $2,000,000 per year for fiscal years 2007 through, and including, 2012 and $1,800,000 for fiscal year 2011. If the credit allowed a taxpayer exceeds their tax liability, the excess will be refunded. Contributions. A “contribution” includes the donation of cash, services or property (other than used clothing) in an amount or value of $250 or more. Addition Modification Required. Taxpayers claiming this credit must make an addition modification on the Kansas return for the amount of any contribution claimed on the federal return and used as the basis for the Regional Foundation Contribution Credit. No Required Enclosures. Do not send any enclosures with this credit schedule. The Department of Commerce will provide KDOR (Kansas Department of Revenue) with information required to process this credit, however if additional information is needed, KDOR reserves the right to request it at a later date. SPECIFIC LINE INSTRUCTIONS Complete a separate Schedule K-32 for each regional foundation you contributed to during the tax year. Enter all requested information at the top of this schedule. PART A – COMPUTATION OF CREDIT AVAILABLE FOR THIS YEAR’S CONTRIBUTION LINE 1 – Enter the total contributions made to the regional foundation this tax year. LINE 2 – 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 3 – Multiply line 1 by line 2, and enter the result on line 3. This is your share of the contributions made and claimed as the basis for the credit this tax year. Enter this amount on the applicable line of your return for the required addition modification. LINE 4 – The credit amount is 75% of the amount contributed during this tax year and claimed on line 3. LINE 5 – Multiply line 3 by line 4 and enter the result on line 5. This is the maximum allowable credit. K-120 and K-130 filers STOP HERE. Enter the amount on line 5 of Schedule K-32 in Part I of Form K-120, Schedule of Refundable Credits; or line 30 of Form K-130. PART B – COMPUTATION OF THIS YEAR’S CREDIT (K-40 AND K-41 FILERS ONLY) LINE 6 – Enter your total Kansas tax liability after all credits other than this credit. LINE 7 – Enter the lesser of line 5 or line 6. Also, enter this amount on the appropriate line of your return (for example, line 15 of Form K-40). PART C – COMPUTATION OF REFUNDABLE PORTION OF CREDIT (K-40 AND K-41 FILERS ONLY) LINE 8 – Subtract line 7 from line 5. This is the excess credit to be refunded. Enter this amount on the line provided on your return for the refundable portion of tax credit (for example, line 24 of Form K-40). TAXPAYERASSISTANCE Questions about the regional foundations eligible to offer this credit to their contributors should be addressed to: Kansas Department of Commerce 1000 SW Jackson, Suite 100 Topeka, KS 66612-1354 Phone: 785-296-4100 Fax: 785-296-0186 kansascommerce.gov For assistance in completing this schedule contact: Taxpayer Assistance Center Kansas Department of Revenue 120 SE 10th Ave PO Box 750260 Topeka, KS 66699-0260 Phone: 785-368-8222 Fax: 785-291-3614 Additional copies of this income tax credit schedule and other tax forms are available from our website at: ksrevenue.gov
K-32 Regional Foundation Contribution Credit Rev. 8-19
More about the Kansas Form K-32 Corporate Income Tax Tax Credit TY 2023
We last updated the Regional Foundation Contribution Credit in February 2024, so this is the latest version of Form K-32, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form K-32 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-32 from the Department of Revenue in February 2024.
Form K-32 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-32
We have a total of eleven past-year versions of Form K-32 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form K-32
K-32 Regional Foundation Contribution Credit Rev. 8-19
2022 Form K-32
K-32 Regional Foundation Contribution Credit Rev. 8-19
2021 Form K-32
K-32 Regional Foundation Contribution Credit Rev. 8-19
2020 Form K-32
K-32 Regional Foundation Contribution Credit Rev. 8-19
2019 Form K-32
K-32 Regional Foundation Contribution Credit Rev. 8-19
2018 Form K-32
Regional Foundation Contribution Credit K-32 (Rev. 9-10)
2017 Form K-32
Regional Foundation Contribution Credit K-32 (Rev. 9-10)
2016 Form K-32
Regional Foundation Contribution Credit K-32 (Rev. 9-10)
2015 Form K-32
Regional Foundation Contribution Credit K-32 (Rev. 9-10)
2013 Form K-32
Regional Foundation Contribution Credit K-32 (Rev. 9-10)
2011 Form K-32
Regional Foundation Contribution Credit K-32 (Rev. 9-10)
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