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Details:
• DUE DATE FOR FILING:April 17, 2012 is the due date for filing 2011 income tax returns.
• FOOD SALES TAX ALLOWANCES:Qualifying income and refund amounts for food sales tax have increased.
• NEW TAX CREDIT REQUIREMENT:A Social Security number is now required for all dependents and a spouse (if applicable) when claiming a tax credit, the earned income credit, a credit for dependent care, and a food sales tax refund.
• INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) CREDIT:The credit for contributions to IDAs increased from 50% to 75%. See Schedule K-68.
• NEW CREDIT:PROMOTING EMPLOYMENT ACROSS KANSAS CREDIT (PEAK). A credit for 95% of tax liability attributed to qualified business income is available to “business owners” that relocate a business to Kansas and is certified through the Kansas Department of Commerce as having met PEAK qualifications. The K-40 must be filed electronically to claim this credit. The credit will be computed in the electronic return preparation process.
• NEW CREDIT FOR TAX YEAR 2012 - RURAL OPPORTUNITY ZONE (ROZ):A credit for 100% of Kansas tax liability will be available next tax year (2012) for nonresidents who establish residency (domicile) in one of the 50 ROZ counties in Kansas. To qualify you must have:
–established residency in a ROZ on or after July 1, 2011 and remained domiciled in the ROZ during the entire year for which the credit is to be claimed.
–been domiciled outside of Kansas in the five or more years prior to establishing domicile in a ROZ.
–not exceeded $10,000 in “Kansas source income” for eachof the five years prior to your residency in a ROZ.
• HIGH PERFORMANCE INCENTIVE PROGRAM CREDIT (HPIP): HPIP carry forward on unexpired credits is increased from 10 to 16 years for those investments that were placed into service in taxable years commencing after December 31, 2000. See Schedule K-59.
• BUSINESS & JOB DEVELOPMENT CREDIT: This credit is no longer available in metro counties. Beginning in tax year 2012, it will not be available in metro and non-metro counties. See Schedule K-34.
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