Credit Claims For Kansas Management And Business Professionals: Protecting Financial Independence With Attorneys – The Kansas Historic Rehabilitation Tax Credit was created in 2001 and since that time the program has generated more than $1 billion in investments in historic buildings throughout Kansas.

From July 2021 to June 2022 (State Fiscal Year 2022). There was $112 Million in investment in old tax credit projects using the State Tax Credit Program. This one year investment generated 1,683 jobs, and an economic output of $122,000.

Credit Claims For Kansas Management And Business Professionals: Protecting Financial Independence With Attorneys

The State Tax Credit Program provides a credit equal to 100 percent of your qualifying income. As of July 1, 2022, the percentage awarded is based on the population of the city or township the property is located in. The table below explains the breakdown of the loan category.

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The work must be done to the shape determined to be the building (no work on the site, creating space, working outside the foot of the building).

The required amount must be paid by the property owner and must add up to more than $5,000.

Insurance costs, subsidy costs and any other costs not charged to the bank account, cannot be counted towards the amount of the eligible project.

If there is a construction or project problem, please email tax credit assistance for help at .taxcredits@ks.gov or call 785-272-8681 ext. 240.

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Credits will be awarded based on the amount spent on the eligible cost of the project. The third part application, photos, and evaluation forms are submitted to the SHPO office, once the complete application is submitted it will be evaluated. If the work meets the Secretary of the Interior’s Standards for Rehabilitation then the program is approved by the SHPO office. Upon approval a certificate is issued to the owner and loan amount. These loans can be used by the owner in various ways

Credits are non-refundable and must be used to pay off tax debt. For non-profit organizations, local governments, and other property owners who do not have Kansas state income tax, these loans can be transferred or sold to other taxpayers.

This one-page form is required if your building is on the National Register or State Register Historic District. The form will be reviewed to determine if your building contributes to the historic district’s character. Please be sure to provide good photos of the front of your property.

This form is required of all applicants to demonstrate that the proposed program will meet the Secretary of the Interior’s Standards for Rehabilitation. The applicant must detail the condition of the existing building and all planned work on this form. Job descriptions should include all aspects of the job, not just those listed as eligible costs. Photographs showing all areas of proposed changes are required to accompany this form. If you are planning a major change or you are using a builder, other things, such as drawings, may be needed. SHPO staff will review the application and materials to confirm that all proposed work meets the Standards. The SHPO will advise applicants and provide technical assistance where necessary. Work can begin on the proposed project only after the application has been approved by the SHPO.

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Application Processing Fee – An application processing fee is required for the SHPO to review tax credit applications. Fees are based on the estimated dollar amount of the maintenance cost. Please provide the appropriate payment as listed below with the second part of your application or as requested by SHPO staff. Payment can be made through the online store; Scroll to the bottom of the store’s web page and click on “Tax Credits”.

Once you have an open project on file with the SHPO, any changes to the defined scope of work must be submitted for approval to the tax assessment staff through a revision before these changes are made.

This form must be submitted when all work is completed. Photos of the completed work must accompany the submission. Upon review and approval by the SHPO, applicants receive a certificate confirming that they can claim a portion of their payment as a credit toward their Kansas state income, welfare, or premium taxes. The amount needed is usually related to the style of the building, but some simple deals can also be used.

Y the project costs and receiving credits, the Kansas Department of Revenue (KDOR) Schedule I and II must be submitted with the 3rd application form. Contact the SHPO or click the following links for instructions and a list to help you complete the Schedules.

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State Tax Credits can be claimed by the owner of the credits by submitting a K-35 form with their tax return. The credits can be used for state Kansas Income, Premium and Privilege Taxes. Credits are non-refundable and must be used to pay off tax debt.

For non-profit organizations, local governments, and other property owners who do not have Kansas state income tax, these loans can be transferred or sold to other taxpayers. For more information and shipping changes please go here. https:///p/state-tax-credit-transfers/20732

Please contact SHPO or Tax Credit Program Administrators if you have questions at 785-272-8681 x240 or .taxcredits@ks.gov Start your free trial, and enjoy three months of $1/month when you sign up for Basic or Starter monthly. plan.

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This post is for information only. You are responsible for reviewing and using this information appropriately. This does not and does not purport to provide legal, tax, or business advice. Requirements are updated from time to time and you should be sure to do your own research and reach out to professional legal, tax, and business advisors, as needed. Businesses outside of Kansas will have different standards and requirements. In order to sell products using the platform, you must comply with the rules governing your business and your customers, the Terms of Service, the Acceptable Use Policy, and any other applicable laws.

Kansas has the nation’s highest investment per capita economy, making it a potentially good place to start your business. The Sunflower State was also ranked as the top business location in the Great Plains region, surpassing Missouri, Nebraska, Iowa, Minnesota, South Dakota, and North Dakota. With ample space, affordable housing, and nationally recognized research universities, it’s easy to see why many entrepreneurs are starting businesses in Kansas. Here are eight steps to make it happen.

Every business started as an idea. Some great business ideas center on a new product or service and others thrive on improving existing offerings. Ask yourself the following two questions before developing your small business idea:

Every business needs a name. An effective business name forms the first impression of your customers and ideas on what you offer. Keep the following in mind when considering your Kansas business name:

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Being a business owner is no walk in the park. It requires discipline and perseverance. Point your business in the right direction with a comprehensive business plan. Well-crafted business plans define the organization’s goals, chart growth, set financial goals, and establish metrics for success. If you need inspiration, ask for a template or examples. Many include:

Your Kansas-based business can take one of three business structures: sole proprietorship, limited liability company (LLC), or C corporation. Each has its own advantages, performance requirements, and tax laws. Here are their different features:

Sole proprietorships are informal business structures. They don’t need legal papers or special accounting systems, and the owners keep all their profits. Sole proprietorships are not recognized as legal entities, so if the business is sued, for example, the owner can pay damages from their savings (which is why most sole proprietors have separate bank accounts for personal and business money). Kansas sole proprietorships are best suited for sole proprietorships in low-risk industries with no employees.

A limited liability company (LLC) is an organized business with a group of LLC members. LLCs provide asset protection, meaning that the owners’ assets are not at risk if the LLC is sued. Many small business owners prefer LLCs because these business legal entities provide personal liability protection without the double taxation of the corporation. Many use the LLC’s operating agreement to structure the company’s structure. You can also form a professional LLC if you provide a professional service such as medicine, dentistry, or law. There are also limited partnerships and limited partnerships (LLPs) that have similar governance and registration requirements as LLCs. These are made up of professionals who work together in the same trade, such as medicine or construction.

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A C corporation is a legal entity with its own shareholders. A corporate structure keeps business assets separate from the owners’ assets, protecting them in the event of a lawsuit or bankruptcy. The share-based business structure makes it easier to raise capital for the business, bring in new shareholders, or sell the corporation to new owners. C corporations are subject to the corporate tax rate, which is different from the personal income tax rate (Kansas business taxes range from 4% to 7%, depending on the company’s income, employees, and location.

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