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Kansas Free Printable K-87 Declared Disaster Capital Investment Credit Rev. 8-19 for 2020 Kansas Declared Disaster Capital Investment Credit

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Declared Disaster Capital Investment Credit
K-87 Declared Disaster Capital Investment Credit Rev. 8-19

193218 K-87 KANSAS DECLARED DISASTER CAPITAL INVESTMENT CREDIT (Rev. 8-19) 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) Indicate which city (or within one mile thereof) the capital investment in a business was made:  Chanute  Independence  Coffeyville  Iola  Erie  Neodesha  Fredonia  Osawatomie  Greensburg __D __ - __ __ - __ __ __ __ __ - __ __ __ __ __ Enter your pre-approved Certificate Number: D PART A – COMPUTATION OF CREDIT (see instructions) 1. Amount of capital investment in a business which is located in the city of Chanute, Coffeyville, Erie, Fredonia, Greensburg, Independence, Iola, Neodesha or Osawatomie, Kansas or within one mile of the city limits of these cities. 1. ________________ (Do not include investment for which you received, or will receive, assistance through the Southeast Kansas Business Restoration Assistance Program or the Kiowa County Business Restoration Assistance Program.) 2. Authorized credit percentage. 2. 10% ________________ 3. Credit. Multiply line 1 by line 2. Do not enter more than $100,000. 3. ________________ 4. Amount of pre-approved credit. (This is the amount approved by KDOR - line 4 minus line 7 from previous year’s credit schedule with the same pre-approved Certificate Number as entered above). 4. ________________ 5. Available credit. Enter the lesser of lines 3 or 4. 5. ________________ 6. Your proportionate share percentage (see instructions). 6. ________________ 7. Your share of the credit for the capital investments made this year. Multiply line 5 by line 6. If you are electing to use the refund option, skip Part B (lines 8 thru 11) and proceed to Part C. 7. ________________ Prior year’s carry forward. Enter the amount of available carry forward from the prior year’s Schedule K-87. (Make no entry for tax year 2008.) 8. ________________ Total credit available this tax year. Add lines 7 and 8. 9. ________________ PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR (see instructions) 8. 9. 10. Enter your total Kansas tax liability for this tax year after all credits other than this credit. 10. ________________ 11. Amount of credit this tax year. Enter the lesser of line 9 or line 10 here and on the appropriate nonrefundable credit line of Form K-40, K-41, K-120 or K-130. Skip Part C (lines 12 through 14) and proceed to line 15. 11. ________________ PART C – COMPUTATION FOR REFUNDABLE PORTION OF CREDIT (see instructions) 12. Your share of the credit for the capital investments (Enter the amount from line 9 above). 12. ________________ 13. Authorized refundable credit percentage. 13. 50% ________________ 14. Amount of credit to be refunded. Multiply line 12 by line 13 and enter the result here and on the appropriate refundable tax credit line of Form K-40, K-41, K-120, or K-130. K-40 or K-41 filers: Apply this credit to the tax liability first. Enter the excess credit on the refundable line of the return. 14. ________________ 15. ________________ PART D – COMPUTATION OF CREDIT CARRY FORWARD (see instructions) 15. Amount of excess credit available to carry forward to next year’s return. Subtract line 11 from line 9 and enter the result here and on line 8 of next year’s Schedule K-87. INSTRUCTIONS FOR SCHEDULE K-87 GENERAL INFORMATION LINE 3 – Multiply line 1 by line 2, and enter the result here. Do not enter more than $100,000. K.S.A. 79-32,262 provides an income, privilege or premiums tax credit for tax years 2008, 2009 and 2010 for any taxpayer who makes a capital investment in a business that is located in the city limits, or within one mile of, the following Kansas cities: Chanute, Coffeyville, Erie, Fredonia, Greensburg, Independence, Iola, Neodesha or Osawatomie. The investment must be made within three years of the date of the disaster’s occurrence which is the subject of major disaster declaration DR 1699 or DR 1711. The credit shall not exceed 10% of the investment. The total amount of credit allowed for any one taxpayer shall not exceed $100,000. In no event shall the total amount of credits or refunds exceed $5,000,000 for any one fiscal year. LINE 4 – Enter the amount of credit approved by KDOR (Kansas Department of Revenue). This is line 4 minus line 7 from the previous year’s K-87 credit schedule. The pre-approved amount must be from the same Certificate Number as entered in the header. The amount of credit shall be reduced by an amount equal to any assistance payment received by the taxpayer from the Southeast Kansas Business Restoration Assistance Program, or from the Kiowa County Business Assistance Program. No taxpayer shall claim more than one credit for the same investment, except that nothing shall prevent a taxpayer from making a claim for and being allowed credit in a subsequent tax year when such taxpayer was not allowed the credit in a previous tax year. If the amount of this tax credit exceeds the income, privilege or premium tax liability for the taxpayer for any taxable year in which the qualified investment is made, the excess credit may be carried over for deduction from such taxpayer’s tax liability in the next succeeding year or years until the total amount of the credit has been deducted from the tax liability, except that no such credit shall be carried over for deduction after the 10th taxable year succeeding the taxable year in which the qualified investment was made. If you are electing to use the refund option skip lines 8 through 11 and proceed to Part C. A taxpayer may receive a refund in lieu of the above described nonrefundable credit. The refund shall be 50% of the computed credit. The amount of refund shall also be reduced by an amount equal to any assistance payments received by the taxpayer. Should the taxpayer elect to receive the cash in lieu of the credit, the remaining portion of the tax credit shall be lost. Any refund shall be allowed against the tax liability in the tax year the qualified investment is placed into service. IMPORTANT: Before you can claim this credit on Form K-87, the amount of credit MUST BE APPROVED by KDOR (Kansas Department of Revenue). An on-line application can be found at: ksrevenue.org SPECIFIC LINE INSTRUCTIONS Enter all requested information at the top of this schedule. PART A - COMPUTATION OF CREDIT LINE 1 – Amount of capital investment in a business which is located in the city of Chanute, Coffeyville, Erie, Fredonia, Greensburg, Independence, Iola, Neodesha or Osawatomie, Kansas or within one mile of the city limits of these cities. Do not include investment for which you have received, or will receive, assistance through the Southeast Kansas Business Restoration Assistance Program or from the Kiowa County Business Restoration Assistance Program. LINE 2 – The authorized credit percentage is 10%. LINE 5 – Available credit. Enter the lesser of lines 3 or 4 here. LINE 6 – Partners, shareholders or members: Enter the percentage that represents your proportionate share in the partnership, S corporation, LLC or LLP. All other taxpayers: Enter 100%. LINE 7 – Your share of the credits. Multiply line 5 by line 6, and enter the result here. PART B - COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR LINE 8 – Prior year’s carry forward. Enter the amount of available carry forward from the prior year’s Schedule K-87. (Make no entry for tax year 2008.) LINE 9 – Total credit available this tax year. Add lines 7 and 8 and enter the result. LINE 10 – Enter your total Kansas tax liability for this tax year after all credits other than this credit. LINE 11 – Amount of credit this tax year. Enter the lesser of lines 9 or 10. Enter this amount on the appropriate nonrefundable credit line of Form K-40, K-41, K-120 or K-130. Skip lines 12 through 14 and proceed to line 15. PART C - COMPUTATION FOR REFUNDABLE PORTION OF CREDIT LINE 12 – Your share of the credit for the capital investments. Enter the amount from line 9 above. LINE 13 – The authorized refundable credit percentage is 50%. LINE 14 – Amount of credit to be refunded. Multiply line 12 by line 13 and enter the result here, and on the appropriate refundable credit line of Form K-40, K-41, K-120, or K-130. PART D - COMPUTATION OF CREDIT CARRY FORWARD LINE 15 – Amount of excess credit available to carry forward to next year’s return. Subtract line 11 from line 9 and enter the result here and on line 8 of next year’s Schedule K-87. IMPORTANT: Do not send enclosures with this schedule, however keep copies of important documentation with your records. KDOR reserves the right to request additional information as necessary. TAXPAYER ASSISTANCE For assistance in completing this schedule contact KDOR: Taxpayer Assistance Center 120 SE 10th Ave PO Box 750260 Topeka KS 66699-0260 Phone: 785-368-8222
Extracted from PDF file 2019-kansas-form-k-87.pdf, last modified January 2012

More about the Kansas Form K-87 Corporate Income Tax Tax Credit TY 2019

We last updated the Declared Disaster Capital Investment Credit in March 2020, so this is the latest version of Form K-87, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form K-87 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-41 Fiduciary Income Tax
Form K-4 Employees Withholding Allowance Certificate
Form K-120ES Corporate Estimated Tax Payment Vouchers
Form K-30 Angel Investor Credit
Form K-36 Telecommunications 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-87 from the Department of Revenue in March 2020.

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Form K-87 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-87

We have a total of seven past-year versions of Form K-87 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form K-87

K-87 Declared Disaster Capital Investment Credit Rev. 8-19

2018 Form K-87

Declared Disaster Capital Investment Credit K-87 (Rev. 9-11)

2017 Form K-87

Declared Disaster Capital Investment Credit K-87 (Rev. 9-11)

2016 Form K-87

Declared Disaster Capital Investment Credit K-87 (Rev. 9-11)

Credit Schedules 2015 Form K-87

Declared Disaster Capital Investment Credit K-87 (Rev. 9-11)

Credit Schedules 2013 Form K-87

Declared Disaster Capital Investment Credit K-87 (Rev. 9-11)

Credit Schedules 2011 Form K-87

Declared Disaster Capital Investment Credit K-87 (Rev. 9-11)


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