Investors looking to purchase tax liability credits to put toward their Kansas income tax liability still have an opportunity to do so before the end of the year.
The East Central Kansas Business Development Foundation — a regional partnership between Franklin and Miami counties and several others — has about $42,000 in 75 percent Kansas Tax Liability Credits available for purchase, John Coen, president and chief executive officer of the Ottawa Area Chamber of Commerce, recently announced.
“Funds generated by your purchase support economic development projects in East-Central Kansas,” Coen said in a news release. “These tax credits must be allocated before Dec. 31 or they will sunset permanently.”
Individual investors or businesses interested in purchasing these tax credits should call Coen at the Chamber, (785) 242-1000 or email him at firstname.lastname@example.org
Seven Kansas regional foundations — which encompass all of the state’s 105 counties — are certified by the Kansas Department of Commerce to receive rural business development tax credits.
Purchasers of these tax credits are eligible for a 75 percent credit toward Kansas state tax liability, according to the Kansas Department of Commerce. This means that a donation of $10,000 to a regional foundation with available tax credits is eligible for a $7,500 credit against Kansas state tax liability — individual, business or privilege, according to the state commerce department.
Counties covered by the East Central Kansas Rural Development Tax Credit Program Inc. include Douglas, Franklin, Johnson, Leavenworth, Miami and Wyandotte.
Tax credits are offered to foundations for use in raising capital for local economic development initiatives, according to the entrepreneurship group NetWork Kansas’ website, www.networkkansas.com