Schedule K-82 Storage and Blending Equipment Credit - Kansas

What Is Schedule K-82?

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-82?A: Schedule K-82 is a form used in Kansas to claim the Storage and Blending Equipment Credit.

Q: What is the Storage and Blending Equipment Credit?A: The Storage and Blending Equipment Credit is a tax credit offered by the state of Kansas for the purchase or lease of certain storage and blending equipment used in agricultural or alternative fuel production.

Q: Who is eligible for the Storage and Blending Equipment Credit?A: Farmers, ranchers, and producers of alternative fuels who purchase or lease eligible storage and blending equipment in Kansas are eligible to claim this credit.

Q: What types of equipment qualify for the credit?A: Eligible equipment includes storage facilities, storage tanks, handling equipment, and blending equipment used in agricultural or alternative fuel production.

Q: How much is the credit?A: The credit amount depends on the cost of the eligible equipment. It is equal to 25% of the purchase price or 15% of the lease cost per year, up to a maximum credit of $50,000 per taxpayer.

Q: How do I claim the Storage and Blending Equipment Credit?A: To claim the credit, you need to fill out Schedule K-82 and include it with your Kansas income tax return. The credit is claimed for the tax year in which the equipment was purchased or leased.

Q: Is there a deadline to claim the credit?A: Yes, the deadline to claim the Storage and Blending Equipment Credit is the same as the deadline to file your Kansas income tax return, which is usually April 15th.

Q: Are there any restrictions on the credit?A: Yes, there are some restrictions, such as a limitation on the total amount of credits that can be claimed by all taxpayers in a given tax year and a requirement to retain the equipment for a minimum period of time.

Q: Can the credit be carried forward or refunded?A: No, the credit cannot be carried forward to future tax years or refunded. Any unused credit can be carried back to the previous two tax years.