CCS/SS/SCS/HCS/HB 1182 - This act allows the following tax credits to be taken against estimated quarterly taxes paid:

(1) Credits for investments in eligible new generation cooperatives or eligible new generation processing entities; and

(2) Credits received for contributions to the Agricultural Product Utilization Grant Fund.

Eligible new generation cooperatives, eligible new generation processing entities, and agricultural product utilization contributor tax credits are added to the restriction that the tax credits taken against insurance premiums will not reduce moneys transferred to the county stock insurance fund.

The required number of employees in an employee-qualified capital project is decreased from 100 to 60 in order for investors to receive a New Generation Cooperative Incentive Tax Credit. Transfers of certain property by Bi-State Metropolitan District and the Kansas City Area Transportation District Authority are exempt from real and personal property taxes and state and local sales and use taxes.

The act expands the definition of "eligible industry" as it relates to the Business Use Incentives for Large-Scale Development (BUILD) Program to include a tax preparation company headquarters in Kansas City as long as the company creates 100 new jobs for eligible employees and invests at least $15 million in an economic development project. The cap for the tax credit is increased from $11 million to $11,950,000 for the benefit of the tax preparation company headquartered in Kansas City.

This act is similar to SB 1298.
JEFF CRAVER