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Can you summarize KSST 79-32,300?
INCOME TAX > Same; credit against income, privilege or premium tax liability for employment of eligible individuals by targeted employment businesses; determination of credit amount; maximum annual amount of all credits.
Short Summary
This provision allows for a tax credit against the income, privilege, or premium tax liability for taxpayers qualifying as targeted employment businesses or taxpayers outsourcing work to targeted employment businesses. The credit is applicable for every hour that an eligible individual is employed in a targeted employment business and receives earned income as compensation. The credit is 50% of the wages paid to the eligible individual on an hourly basis, up to a maximum credit of $7.50 per hour. The wage rate used for calculating the tax credit should not exceed a reasonable or usual market wage rate for a similar job. The credit is non-refundable, cannot be carried forward, and can only be used once each taxable year against one of the income, privilege, or premium taxes. The maximum amount of all tax credits allowed in each tax year under the Kansas targeted employment act is $5,000,000.
Whom does it apply to?
Taxpayers qualifying as targeted employment businesses or taxpayers outsourcing work to targeted employment businesses
What does it govern?
Credit against income, privilege or premium tax liability for employment of eligible individuals by targeted employment businesses; determination of credit amount; maximum annual amount of all credits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas