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Kansas Free Printable K-55 Kansas Venture Capital Credit Rev. 8-19 for 2022 Kansas Venture and Local Seed Capital Credit

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Venture and Local Seed Capital Credit
K-55 Kansas Venture Capital Credit Rev. 8-19

K-55 KANSAS VENTURE CAPITAL CREDIT (Rev. 8-19) 191318 For the taxable year beginning, _____________ , 20 ____ ; ending _________________ , 20 _____ . Name of taxpayer (as shown on return) Social Security Number or Employer ID Number (EIN) If partner, shareholder or member, enter name of partnership, S corporation, LLC or LLP Employer ID Number (EIN) Date(s) of investment or transfer: Name(s) of Kansas venture capital company: ____________________________________________ _________________________________________________________________________________________________________ ____________________________________________ _________________________________________________________________________________________________________ o Check here if this credit is a result of a transfer of credit from an investor in a Kansas venture capital company. Name of original investor: _______________________________________________________________________________________________________________________________ Address of original investor: ____________________________________________________________________________________________________________________________ PART A – COMPUTATION OF CREDIT FOR THIS YEAR’S INVESTMENT (C Corporations, Privilege, and Premium taxpayers only) 1. Total amount of cash investment this tax year. 1. ________________ 2. Maximum percentage allowed. 2. ________________ 25% 3. Maximum allowable credit for the amount invested this tax year (multiply line 1 by line 2). 3. ________________ 4. Amount of tax liability for current taxable year and all previously claimed credits. 4. ________________ 5. Amount of credit allowable this tax year (enter the lesser of line 3 or line 4). 5. ________________ PART B – COMPUTATION OF CREDIT CARRY FORWARD 6. Total credit for amount invested this year (enter the amount from line 3). 6. ________________ 7. Total amount of carry forward available on this return. Enter the amount of available carry forward from the prior year’s K-55 (enclose a copy of that schedule). 7. ________________ 8. Total credit (add lines 6 and 7). 8. ________________ 9. Amount of your Kansas tax liability for current taxable year after all previously claimed credits (enter amount from line 4). 9. ________________ 10. Credit available for carry forward to next year’s K-55 (subtract line 9 from line 8; cannot be less than zero). 10. ________________ PART C – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR 11. Total credit claimed this tax year (enter the lesser of the sum of line 5 and line 7 or line 4). Enter this amount on the appropriate line of Forms K-40, K-120 or K-130. 11. ________________ INSTRUCTIONS FOR SCHEDULE K-55 GENERAL INFORMATION A credit may be deducted from a taxpayer’s income or privilege tax liability if the taxpayer invests in stock issued by Kansas Venture Capital, Inc. (K.S.A. 74-8205). The taxpayer may also modify from federal taxable income any dividend income on stock issued by Kansas Venture Capital, Inc. The amount of credit is 25% of the total cash investment in such stock. A credit amount that exceeds the tax liability in any one taxable year may be carried forward until used. For tax year 2013, and all tax years thereafter, new credits shall be available to only: 1) C corporations that are subject to the Kansas corporate income tax; 2) taxpayers subject to the privilege tax as measured by net income of financial institutions imposed pursuant to K.S.A., Chapter 79, article 11; and, 3) any insurance company subject to the premium tax and privilege fees imposed pursuant to K.S.A. 40-252. New credits are not available to individuals, partnerships, S corporations, limited liability companies, and other pass-through entities. Carry Forward of Unused Credits: If this credit was earned prior to tax year 2013 and a carry forward credit remains available to a taxpayer, that taxpayer may continue to claim that credit. However, that carry forward credit shall be subject to limitations and requirements in place at the time the credit was earned. SPECIFIC LINE INSTRUCTIONS Complete all the requested information at the top of Schedule K-55. PART A – COMPUTATION OF CREDIT FOR THIS YEAR’S INVESTMENT LINE 1 – Enter the total amount of cash investment made this tax year. LINE 2 – This percentage determines the maximum credit allowable as a result of the investment made during this tax year. Do not make an entry on this line. LINE 3 – Multiply line 1 by line 2 and enter the result. This is the maximum credit allowable. LINE 4 – Enter the total Kansas tax liability for the current tax year after all credits other than the credit allowed for investments made during this tax year. LINE 5 – Enter the amount from line 3 or line 4, whichever is less. This is the maximum credit allowed for investments made during this tax year. PART B – COMPUTATION OF CARRY FORWARD CREDIT LINE 6 – Enter the total credit for the amount invested this year from line 3. LINE 7 – Enter the carry forward amounts available from prior years K-55 schedules. Enclose or fax a copy of the K-55 schedules from prior years. LINE 8 – Add lines 6 and 7 and enter the result. LINE 9 – Enter amount of your total Kansas tax liability for the current tax year after all credits other than this credit. LINE 10 – Subtract line 9 from line 8 and enter result. This amount cannot be less than zero. PART C – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR LINE 11 – Enter the lesser of the sum of lines 5 and 7 or the amount on line 4. Enter this amount on the appropriate line of Forms K-40, K-120 or K-130. TAXPAYER ASSISTANCE For assistance in completing this schedule contact the Kansas Department of Revenue: Taxpayer Assistance Center Scott Office Building 120 SE 10th Ave PO Box 750260 Topeka KS 66699-0260 Phone: 785-368-8222 Fax: 785-291-3614 Additional copies of this credit schedule and other tax forms are available from our website at: ksrevenue.gov
Extracted from PDF file 2021-kansas-form-k-55.pdf, last modified October 2019

More about the Kansas Form K-55 Corporate Income Tax Tax Credit TY 2021

We last updated the Venture and Local Seed Capital Credit in April 2022, so this is the latest version of Form K-55, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form K-55 directly from TaxFormFinder. You can print other Kansas tax forms here.

Other Kansas Corporate Income Tax Forms:

TaxFormFinder has an additional 73 Kansas income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form K-4 Employees Withholding Allowance Certificate
Form K-41 Fiduciary Income Tax
Form K-120ES Corporate Estimated Tax Payment Vouchers
Form K-84 Technical and Community College Deferred Maintenance Credit Instructions
Form K-37 Disabled Access Credit

Download all KS tax forms View all 74 Kansas Income Tax Forms


Form Sources:

Kansas usually releases forms for the current tax year between January and April. We last updated Kansas Form K-55 from the Department of Revenue in April 2022.

Show Sources >

Form K-55 is a Kansas Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Kansas Form K-55

We have a total of nine past-year versions of Form K-55 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2021 Form K-55

K-55 Kansas Venture Capital Credit Rev. 8-19

2020 Form K-55

K-55 Kansas Venture Capital Credit Rev. 8-19

2019 Form K-55

K-55 Kansas Venture Capital Credit Rev. 8-19

2018 Form K-55

K-55 Kansas Venture Capital Credit

2017 Form K-55

K-55 Kansas Venture Capital Credit

2016 Form K-55

Venture Capital Credit K-55 (Rev. 7-14)

Credit Schedule 2015 Form K-55

Venture Capital Credit K-55 (Rev. 7-14)

Credit Schedules 2013 Form K-55

K-55 Venture Capital Credit (Rev. 9-13)

Credit Schedules 2011 Form K-55

K-55 Venture and Local Seed Capital Credit (Rev. 8-11)


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