SCKEDD contributors can receive state tax credits
Kansas Department of Commerce has awarded state tax credits to SCKEDD (South Central Kansas Economic Development District).
The credits will be used when contributors provide funds for economic development. In return, contributors will receive state tax credits and a federal tax deduction.
Contributed funds will provide additional capital needed by rural businesses in the forms of loans and equity investment. The funds also will pay for free technical assistance provided to rural businesses that participate in a SCKEDD program.
Individuals and businesses who pay Kansas taxes can make contributions. For every dollar contributed, the taxpayer can receive a $50 tax credit on their state taxes, and a $1 deduction on their federal taxes.
Credits in excess of the taxpayer's state liability will be refunded to the taxpayer.
Contributions made on or before Dec. 31 will apply to 2004 tax returns. Contributions after Dec. 31 will be applied to 2005 tax returns.
SCKEDD was awarded $357,143 this year, expects to receive $357,143 on July 1, 2005, and $285,714 in 2006.
The tax credits are anticipated to raise $2 million in contributions.
Individuals and businesses interested in contributing should contact Bill Bollin at the SCKEDD office (316) 262-7035, cellular phone (316) 655-7028, or e-mail bill@sckedd.org.
