Schedule K-31 Center for Entrepreneurship Credit - Kansas

What Is Schedule K-31?

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-31?
A: Schedule K-31 is a form used to claim the Center for Entrepreneurship Credit in Kansas.

Q: What is the Center for Entrepreneurship Credit?
A: The Center for Entrepreneurship Credit is a tax credit available in Kansas to incentivize entrepreneurship.

Q: Who is eligible for the Center for Entrepreneurship Credit?
A: Individuals, partnerships, limited liability companies (LLCs), S corporations, and trusts in Kansas may be eligible for the credit.

Q: What activities qualify for the Center for Entrepreneurship Credit?
A: Activities such as the creation and development of new businesses, investment in qualified securities, and support for emerging businesses may qualify for the credit.

Q: How much is the Center for Entrepreneurship Credit?
A: The credit is equal to 50% of the taxpayer's qualified investment, up to a maximum credit of $50,000 per tax year.

Q: How do I claim the Center for Entrepreneurship Credit?
A: To claim the credit, taxpayers must complete Schedule K-31 and include it with their Kansas income tax return.

Q: Is there a deadline for claiming the Center for Entrepreneurship Credit?
A: Yes, the credit must be claimed within two years from the end of the tax year in which the qualified investment was made.

Q: Is the Center for Entrepreneurship Credit refundable?
A: No, the credit is non-refundable but can be carried forward for up to 10 years if not fully utilized in the current tax year.