Schedule K-79 Kansas Biomass-To-Energy Plant Credit - Kansas

What Is Schedule K-79?

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-79?
A: Schedule K-79 is a tax form used in Kansas to claim the Biomass-To-Energy Plant Credit.

Q: What is the Kansas Biomass-To-Energy Plant Credit?
A: The Kansas Biomass-To-Energy Plant Credit is a tax credit available to businesses that produce energy from biomass sources in Kansas.

Q: Who is eligible for the Kansas Biomass-To-Energy Plant Credit?
A: Businesses involved in the production of energy from biomass sources in Kansas are eligible for this credit.

Q: How much is the Kansas Biomass-To-Energy Plant Credit?
A: The credit is equal to 25% of the eligible investment made in the biomass-to-energy plant.

Q: What can the Kansas Biomass-To-Energy Plant Credit be used for?
A: The credit can be used to offset income tax liability in Kansas.

Q: Is there a limit to the amount of credit that can be claimed?
A: Yes, the total amount of credits claimed in a taxable year cannot exceed $2 million.

Q: How can businesses claim the Kansas Biomass-To-Energy Plant Credit?
A: Businesses must file Schedule K-79 along with their Kansas income tax return to claim the credit.

Q: Are there any additional requirements to claim the credit?
A: Yes, businesses must meet specific criteria regarding the construction and operation of the biomass-to-energy plant.

Q: Is the Kansas Biomass-To-Energy Plant Credit refundable?
A: Yes, if the amount of the credit exceeds the tax liability, the excess can be refunded.