Kansas Venture and Local Seed Capital Credit

Venture and Local Seed Capital Credit
K-55 Kansas Venture Capital Credit Rev. 8-19
K-55

KANSAS

VENTURE CAPITAL CREDIT

(Rev. 8-19)

191318

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)

Date(s) of investment or transfer:

Name(s) of Kansas venture capital company:

____________________________________________

_________________________________________________________________________________________________________

____________________________________________

_________________________________________________________________________________________________________

o Check here if this credit is a result of a transfer of credit from an investor in a Kansas venture capital company.
Name of original investor: _______________________________________________________________________________________________________________________________
Address of original investor:

____________________________________________________________________________________________________________________________

PART A – COMPUTATION OF CREDIT FOR THIS YEAR’S INVESTMENT (C Corporations, Privilege, and Premium taxpayers only)
1. Total amount of cash investment this tax year.

1. ________________

2. Maximum percentage allowed.

2. ________________
25%

3. Maximum allowable credit for the amount invested this tax year (multiply line 1 by line 2).

3. ________________

4. Amount of tax liability for current taxable year and all previously claimed credits.

4. ________________

5. Amount of credit allowable this tax year (enter the lesser of line 3 or line 4).

5. ________________

PART B – COMPUTATION OF CREDIT CARRY FORWARD
6. Total credit for amount invested this year (enter the amount from line 3).

6. ________________

7. Total amount of carry forward available on this return. Enter the amount of available carry
forward from the prior year’s K-55 (enclose a copy of that schedule).

7. ________________

8. Total credit (add lines 6 and 7).

8. ________________

9. Amount of your Kansas tax liability for current taxable year after all previously claimed
credits (enter amount from line 4).

9. ________________

10. Credit available for carry forward to next year’s K-55 (subtract line 9 from line 8; cannot be
less than zero).

10. ________________

PART C – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR
11. Total credit claimed this tax year (enter the lesser of the sum of line 5 and line 7 or line 4).
Enter this amount on the appropriate line of Forms K-40, K-120 or K-130.

11. ________________

INSTRUCTIONS FOR SCHEDULE K-55
GENERAL INFORMATION
A credit may be deducted from a taxpayer’s income or
privilege tax liability if the taxpayer invests in stock issued
by Kansas Venture Capital, Inc. (K.S.A. 74-8205). The
taxpayer may also modify from federal taxable income
any dividend income on stock issued by Kansas Venture
Capital, Inc. The amount of credit is 25% of the total cash
investment in such stock. A credit amount that exceeds the
tax liability in any one taxable year may be carried forward
until used.
For tax year 2013, and all tax years thereafter, new
credits shall be available to only: 1) C corporations that are
subject to the Kansas corporate income tax; 2) taxpayers
subject to the privilege tax as measured by net income of
financial institutions imposed pursuant to K.S.A., Chapter
79, article 11; and, 3) any insurance company subject to
the premium tax and privilege fees imposed pursuant to
K.S.A. 40-252. New credits are not available to individuals,
partnerships, S corporations, limited liability companies,
and other pass-through entities.
Carry Forward of Unused Credits: If this credit was
earned prior to tax year 2013 and a carry forward credit
remains available to a taxpayer, that taxpayer may continue
to claim that credit. However, that carry forward credit shall
be subject to limitations and requirements in place at the
time the credit was earned.
SPECIFIC LINE INSTRUCTIONS
Complete all the requested information at the top of
Schedule K-55.
PART A – COMPUTATION OF CREDIT FOR THIS YEAR’S INVESTMENT

LINE 1 – Enter the total amount of cash investment made
this tax year.
LINE 2 – This percentage determines the maximum credit
allowable as a result of the investment made during this
tax year. Do not make an entry on this line.
LINE 3 – Multiply line 1 by line 2 and enter the result. This
is the maximum credit allowable.

LINE 4 – Enter the total Kansas tax liability for the current
tax year after all credits other than the credit allowed for
investments made during this tax year.
LINE 5 – Enter the amount from line 3 or line 4, whichever is
less. This is the maximum credit allowed for investments
made during this tax year.
PART B – COMPUTATION OF CARRY FORWARD CREDIT

LINE 6 – Enter the total credit for the amount invested this
year from line 3.
LINE 7 – Enter the carry forward amounts available from
prior years K-55 schedules. Enclose or fax a copy of the
K-55 schedules from prior years.
LINE 8 – Add lines 6 and 7 and enter the result.
LINE 9 – Enter amount of your total Kansas tax liability
for the current tax year after all credits other than this
credit.
LINE 10 – Subtract line 9 from line 8 and enter result. This
amount cannot be less than zero.
PART C – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR

LINE 11 – Enter the lesser of the sum of lines 5 and 7 or the
amount on line 4. Enter this amount on the appropriate
line of Forms K-40, K-120 or K-130.
TAXPAYER ASSISTANCE
For assistance in completing this schedule contact the
Kansas Department of Revenue:
Taxpayer Assistance Center
Scott Office Building
120 SE 10th Ave
PO Box 750260
Topeka KS 66699-0260
Phone: 785-368-8222
Fax: 785-291-3614
Additional copies of this credit schedule and other
tax forms are available from our website at:
ksrevenue.gov