Instructions for Schedule K-85 University Deferred Maintenance Credit - Kansas

This document contains official instructions for Schedule K-85 , University Deferred Maintenance Credit - a form released and collected by the Kansas Department of Revenue.

FAQ

Q: What is Schedule K-85?
A: Schedule K-85 is a Kansas tax form used to claim the University Deferred Maintenance Credit.

Q: What is the University Deferred Maintenance Credit?
A: The University Deferred Maintenance Credit is a tax credit available in Kansas to eligible taxpayers who make qualifying contributions to universities for deferred maintenance.

Q: Who is eligible to claim the University Deferred Maintenance Credit?
A: Individuals, corporations, and fiduciaries that make qualifying contributions to Kansas universities for deferred maintenance are eligible to claim the credit.

Q: What are qualifying contributions?
A: Qualifying contributions are monetary contributions made to Kansas universities for deferred maintenance projects.

Q: How much is the tax credit?
A: The tax credit is equal to 50% of the qualifying contributions made in a taxable year.

Q: Are there any limitations on the tax credit?
A: Yes, the credit is limited to the lesser of the taxpayer's liability or $2 million per taxable year.

Q: How do I claim the University Deferred Maintenance Credit?
A: To claim the credit, complete Schedule K-85 and attach it to your Kansas income tax return.

Q: Is there a deadline to claim the credit?
A: Yes, the credit must be claimed on the taxpayer's original income tax return or within one year from the original due date of the return, whichever is later.