Schedule K-77 Qualifying Pipeline Credit - Kansas

What Is Schedule K-77?

This is a legal form that was released by the Kansas Department of Revenue - a government authority operating within Kansas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Schedule K-77?
A: Schedule K-77 is a form used to claim the Qualifying Pipeline Credit in Kansas.

Q: What is the Qualifying Pipeline Credit?
A: The Qualifying Pipeline Credit is a tax credit in Kansas provided to qualifying natural gas and petroleum liquid transmission property.

Q: Who is eligible for the Qualifying Pipeline Credit?
A: Entities engaged in the business of transporting natural gas or petroleum liquid through a pipeline are eligible for the credit.

Q: How can I claim the Qualifying Pipeline Credit?
A: You can claim the credit by completing Schedule K-77 and attaching it to your Kansas tax return.

Q: What expenses are eligible for the Qualifying Pipeline Credit?
A: Expenses related to the construction, acquisition, modification, or expansion of qualifying pipeline property are eligible for the credit.

Q: Is there a limit to the amount of credit that can be claimed?
A: Yes, the credit is limited to 10% of eligible expenses incurred in a taxable year.

Q: Are there any carryover provisions for unused credits?
A: Yes, any unused portion of the credit can be carried forward for up to 10 years.