Kansas Low Income Student Scholarship Credit

Low Income Student Scholarship Credit
K-70 Kansas Low Income Student Scholarship Credit Rev. 7-19
K-70
(Rev. 7-23)

K-70
Attach
192118

KANSAS

LOW INCOME STUDENT SCHOLARSHIP CREDIT
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: Complete a separate Schedule K-70 for each scholarship granting organization contributed to this taxable year.

CERTIFICATE NUMBER:_________________________________________________________________________
Name of Scholarship Granting Organization (SGO) to which contribution was made:_________________________________________________
_______________________________________________________________________________________________________________________________________________________________

PART A – COMPUTATION OF CREDIT FOR THIS TAX YEAR’S CONTRIBUTION
1. Total contributions made to the approved SGO this tax year ................................................... 1.	

___________________________

2. Enter your proportionate share percentage (see instructions) .................................................. 2.	

___________________________

3. Your share of contributions (multiply line 1 by line 2; see instructions)..................................... 3.	

___________________________

4.	 Authorized credit percentage..................................................................................................... 4.	

___________________________

5. Your share of the credit for the contributions made this tax year (multiply line 3 by line 4)....... 5.	

___________________________

75%

PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR
6. Enter amount of available carry forward from the prior year’s Schedule K-70.
(Not applicable for first year credit is claimed.).......................................................................... 6.	

___________________________

7. Credit available. Enter the amount from line 5 or line 6, whichever is applicable...................... 7.	

___________________________

8. Amount of your Kansas tax liability for this tax year after all credits, other than this credit.. 8.	

___________________________

9. Amount of credit allowable this tax year. Enter the lesser of line 7 or line 8. ..............................
Enter this amount on the appropriate line of form K-40, K-41, K-120, K-120S or K-130........... 9.	

___________________________

If line 9 is less than line 7 complete PART C.
PART C – COMPUTATION OF CARRY FORWARD CREDIT
10. Subtract line 9 from line 7, and enter result. This is the amount of credit to carry forward
to next year’s return. Enter this amount on next year’s Schedule K-70....................................... .10._________________________	

INSTRUCTIONS FOR SCHEDULE K-70

GENERAL INFORMATION
K.S.A. 72-4357 provides a tax credit for tax years
commencing after December 31, 2016, for contributions
made to a qualified scholarship granting organization. For
tax years commencing after December 31, 2022, the credit
will equal 75% of the amount contributed.
Beginning after December 31, 2016, total donations
cannot exceed $500,000 per contributor for any tax year.
Total tax credits shall not exceed $10,000,000 for any tax
year.
For tax years commencing after December 31, 2014, the
tax credit shall be allowed against the corporate income
tax liability, privilege tax liability, or premium tax liability.
For tax years commencing after December 31, 2016, the
tax credit shall be allowed against the tax liability for all
taxpayers.
The credit shall be claimed and deducted from the
taxpayer’s tax liability during the tax year in which the
contribution was made to any such SGO. If the amount of
the credit claimed by a taxpayer exceeds the taxpayer’s
income, privilege or premium tax liability, such excess
amount may be carried over for deduction from the
taxpayer’s income, privilege or premium tax liability in the
next succeeding year or years until the total amount of the
credit has been deducted from tax liability.
Addition Modification. There shall be added to federal
taxable income on the Kansas return the amount of any
charitable contribution deduction claimed for any contribution
or gift made to a SGO to the extent the same is claimed on
the federal return as the basis for the credit allowed.
IMPORTANT: A separate K-70 schedule is required
for each credit claimed, including a separate
schedule for credits carried forward from the prior
year. A separate worksheet must be completed for
each certificate number. For example, if you have a
carry forward amount from tax year 2022 and two new
contributions in tax year 2023, you will file three K-70
schedules — one for the 2022 carry forward amount and
two for the new contributions in 2023.
K.S.A. 74-50,227 requires the collection of certain
tax incentive information for publication on a database
managed by the Kansas Department of Commerce.
Information collected will include the name and address,
including county of the recipient receiving the benefits from
the tax incentive program, the annual amount of incentive
claimed, distributed or received, qualification criteria for
the incentive, and required benchmarks for continued
participation in the program and progress made towards
the benchmarks.
SPECIFIC LINE INSTRUCTIONS
Enter all requested information at the top of this
schedule. Complete a separate K-70 schedule for each
credit claimed.
PART A – COMPUTATION OF CREDIT FOR THIS TAX YEAR’S
CONTRIBUTION

LINE 1 – Enter the total amount of contributions made to
an approved Kansas SGO.

LINE 2 – Enter your proportionate share percentage.

Pass-through entities that HAVE NOT elected to be taxed at
the entity level
Partners, shareholders or members, enter the percentage
that represents your proportionate share in the partnership, S
corporation, LLC or LLP.
Pass-through entities that HAVE elected to be taxed at the
entity level
Electing pass-through entity, enter the percentage that
represents the proportionate share of all “electing pass-through
entity owners”. Partners, shareholders or members that are NOT
“electing pass-through entity owners” (i.e. other pass-through
entities and C corporations), 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.
LINE 4 – The tax credit is limited to 75% of the contribution
made during this tax year.
LINE 5 – Multiply line 3 by line 4 and enter the result. This
is the maximum allowable credit.
PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR

LINE 6 – Enter the amount of available carry forward credit
from prior year’s Schedule K-70. NOTE: This does not
apply for first year the credit is claimed.
LINE 7 – Enter amount from line 5 or line 6, whichever is
applicable. This is the total credit available this tax year.
LINE 8 – Enter the total Kansas tax liability for this tax year
after all credits, other than this credit.
LINE 9 – Enter the lesser of the amount shown on line 7
or line 8. This is the amount of credit allowed for this tax
year. Enter this amount on the appropriate line of your
tax return.
If line 9 is less than line 7, complete PART C.
PART C – COMPUTATION OF CARRY FORWARD CREDIT

LINE 10 – Subtract line 9 from line 7, and enter the result.
This is the amount of carry forward credit to be entered
on line 6 of next year’s Schedule K-70.
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