12-1,109.Same; exemptions.
Gross earnings derived from the following shall be exempt from taxes
levied by counties, cities and townships pursuant to this act:
(a) Notes secured by mortgages on real estate, which mortgages have
been recorded in this state and the registration fee or tax thereon
paid, as otherwise provided by law;
(b) all moneys, notes and other evidences of indebtedness held by
the trustee of a qualified trust described in section 401, 408 or
501(c)(4), (5), (9), (17) or (18) of the internal revenue code of
1986,
as amended (26 U.S.C. 401, 408 or 501(c)(4), (5), (9), (17) or (18))
which is part of a stock bonus, pension or profit-sharing plan of an
employer for the exclusive benefit of employees or their beneficiaries
or health and welfare plan;
(c) (1) for the taxable year commencing after December 31, 1981, money,
notes and other evidence of debt, to the extent of the
tax liability hereinafter provided, which is owned by a person who has a
disability or was 60 years of age or older on January 1 of the year in which an
exemption is claimed hereunder. The exemption allowable under this subsection
shall be in an amount equal to the lesser of the following: (A) The amount
of the tax liability on the first $3,000 of gross earnings from the money,
notes and other evidence of debt; or (B) the amount of the tax liability
on the first $3,000 of gross earnings from such money, notes and other evidence
of debt reduced by the amount that the owner's income exceeds $12,500,
including
in such owner's income the income of such person's spouse, in the year next
preceding that in which the exemption is claimed under this subsection.
No person shall be eligible to claim an exemption
hereunder in the same year in which such person's spouse has claimed an
exemption hereunder. As used in this subsection, the terms "income" and
"disability" shall have the meanings ascribed to them in
K.S.A. 79-4502, and amendments thereto; and (2) for all taxable
years commencing after December 31, 1982, money, notes and other evidences
of debt, to the extent of the
tax liability hereinafter provided, which is owned by a person who has a
disability or was 60 years of age or older on January 1 of the year in which an
exemption is claimed hereunder. The exemption allowable under this subsection
shall be in an amount equal to the lesser of the following: (A) The amount
of the tax liability on the first $5,000 of gross earnings from the money,
notes and other evidences of debt; or (B) the amount of the tax liability
on the first $5,000 of gross earnings from said money, notes and other
evidences of debt reduced by the amount that the owner's income exceeds
$15,000, including in such owner's income the income of such person's spouse,
in the year next
preceding that in which the exemption is claimed under this subsection.
No person shall be eligible to claim an exemption
hereunder in the same year in which such person's spouse has claimed an
exemption hereunder. As used in this subsection, the terms "income" and
"disability" shall have the meanings ascribed to them in
K.S.A. 79-4502, and amendments thereto;
(d) money, notes and other evidence of debt owned by any credit
union, national banking association, state bank, trust company or federal
or state-chartered savings and loan association;
(e) bonds or other evidence of indebtedness issued by the state, county,
city, school district or other municipal or taxing subdivision of the state;
(f) except for distributions made from earnings or profits of any small
business corporation, as defined by section 1371 of the internal revenue
code as enacted in 1986 (26 U.S.C. 1371), accumulated by that
corporation
prior to the time that it has made the election under section 1372 of the
internal revenue code of 1986 (26 U.S.C. 1372), all earnings or
profit distributed
by any such small business corporation having such an election in effect
to a person who was a shareholder of such corporation at the time of the
distribution;
(g) for all taxable years commencing after December 31, 1982, notes, other
than notes described in subsection (a), to the extent that such earnings
are a reimbursement of interest paid on another note the proceeds of which
was the source of funds for the first note;
(h) money, notes and other evidence
of debt belonging exclusively to a hospital, as defined by K.S.A. 65-425 and
amendments thereto, or a psychiatric hospital, as defined by K.S.A. 59-2902, as
in effect on January 1, 1976,
operated by a not-for-profit corporation, and used exclusively for hospital or
psychiatric hospital purposes;
(i) money, notes and other evidence of debt belonging exclusively to an
adult care home as defined by K.S.A.
39-923, and amendments thereto, operated by a not-for-profit corporation,
and used exclusively for adult care home purposes;
(j) money, notes and other evidence
of debt belonging exclusively to a private children's home as defined by
K.S.A. 75-3329, and amendments thereto, operated by a not-for-profit
corporation,
and used exclusively for children's home purposes;
(k) money, notes and other evidence of debt belonging exclusively to a
corporation organized not-for-profit which operates housing for elderly
persons having a limited or low income,
which property and the income therefrom is used exclusively for housing
for such elderly persons;
(l) shares, shares of stock or other evidence of ownership of national
banking associations, state banks and federal or state-chartered savings
and loan associations located or doing business within the state and shares
of stock or other evidence of ownership of corporations holding stock of
a national banking association, state bank and federal or state-chartered
savings and loan associations located or doing business in Kansas, to the
extent the income of such corporation is attributable to dividends received
on such stock; and
(m) shares of stock issued by a corporation classified as a
regulated
investment company under the provisions of the federal internal revenue
code of 1986, as amended.
History: L. 1982, ch. 63, § 9; L. 1983, ch. 61, § 5;
L. 1995, ch. 130, § 2;
L. 1996, ch. 167, § 43; Apr. 18.
12-1,109.Same; exemptions.
Gross earnings derived from the following shall be exempt from taxes
levied by counties, cities and townships pursuant to this act:
(a) Notes secured by mortgages on real estate, which mortgages have
been recorded in this state and the registration fee or tax thereon
paid, as otherwise provided by law;
(b) all moneys, notes and other evidences of indebtedness held by
the trustee of a qualified trust described in section 401, 408 or
501(c)(4), (5), (9), (17) or (18) of the internal revenue code of
1986,
as amended (26 U.S.C. 401, 408 or 501(c)(4), (5), (9), (17) or (18))
which is part of a stock bonus, pension or profit-sharing plan of an
employer for the exclusive benefit of employees or their beneficiaries
or health and welfare plan;
(c) (1) for the taxable year commencing after December 31, 1981, money,
notes and other evidence of debt, to the extent of the
tax liability hereinafter provided, which is owned by a person who has a
disability or was 60 years of age or older on January 1 of the year in which an
exemption is claimed hereunder. The exemption allowable under this subsection
shall be in an amount equal to the lesser of the following: (A) The amount
of the tax liability on the first $3,000 of gross earnings from the money,
notes and other evidence of debt; or (B) the amount of the tax liability
on the first $3,000 of gross earnings from such money, notes and other evidence
of debt reduced by the amount that the owner's income exceeds $12,500,
including
in such owner's income the income of such person's spouse, in the year next
preceding that in which the exemption is claimed under this subsection.
No person shall be eligible to claim an exemption
hereunder in the same year in which such person's spouse has claimed an
exemption hereunder. As used in this subsection, the terms "income" and
"disability" shall have the meanings ascribed to them in
K.S.A. 79-4502, and amendments thereto; and (2) for all taxable
years commencing after December 31, 1982, money, notes and other evidences
of debt, to the extent of the
tax liability hereinafter provided, which is owned by a person who has a
disability or was 60 years of age or older on January 1 of the year in which an
exemption is claimed hereunder. The exemption allowable under this subsection
shall be in an amount equal to the lesser of the following: (A) The amount
of the tax liability on the first $5,000 of gross earnings from the money,
notes and other evidences of debt; or (B) the amount of the tax liability
on the first $5,000 of gross earnings from said money, notes and other
evidences of debt reduced by the amount that the owner's income exceeds
$15,000, including in such owner's income the income of such person's spouse,
in the year next
preceding that in which the exemption is claimed under this subsection.
No person shall be eligible to claim an exemption
hereunder in the same year in which such person's spouse has claimed an
exemption hereunder. As used in this subsection, the terms "income" and
"disability" shall have the meanings ascribed to them in
K.S.A. 79-4502, and amendments thereto;
(d) money, notes and other evidence of debt owned by any credit
union, national banking association, state bank, trust company or federal
or state-chartered savings and loan association;
(e) bonds or other evidence of indebtedness issued by the state, county,
city, school district or other municipal or taxing subdivision of the state;
(f) except for distributions made from earnings or profits of any small
business corporation, as defined by section 1371 of the internal revenue
code as enacted in 1986 (26 U.S.C. 1371), accumulated by that
corporation
prior to the time that it has made the election under section 1372 of the
internal revenue code of 1986 (26 U.S.C. 1372), all earnings or
profit distributed
by any such small business corporation having such an election in effect
to a person who was a shareholder of such corporation at the time of the
distribution;
(g) for all taxable years commencing after December 31, 1982, notes, other
than notes described in subsection (a), to the extent that such earnings
are a reimbursement of interest paid on another note the proceeds of which
was the source of funds for the first note;
(h) money, notes and other evidence
of debt belonging exclusively to a hospital, as defined by K.S.A. 65-425 and
amendments thereto, or a psychiatric hospital, as defined by K.S.A. 59-2902, as
in effect on January 1, 1976,
operated by a not-for-profit corporation, and used exclusively for hospital or
psychiatric hospital purposes;
(i) money, notes and other evidence of debt belonging exclusively to an
adult care home as defined by K.S.A.
39-923, and amendments thereto, operated by a not-for-profit corporation,
and used exclusively for adult care home purposes;
(j) money, notes and other evidence
of debt belonging exclusively to a private children's home as defined by
K.S.A. 75-3329, and amendments thereto, operated by a not-for-profit
corporation,
and used exclusively for children's home purposes;
(k) money, notes and other evidence of debt belonging exclusively to a
corporation organized not-for-profit which operates housing for elderly
persons having a limited or low income,
which property and the income therefrom is used exclusively for housing
for such elderly persons;
(l) shares, shares of stock or other evidence of ownership of national
banking associations, state banks and federal or state-chartered savings
and loan associations located or doing business within the state and shares
of stock or other evidence of ownership of corporations holding stock of
a national banking association, state bank and federal or state-chartered
savings and loan associations located or doing business in Kansas, to the
extent the income of such corporation is attributable to dividends received
on such stock; and
(m) shares of stock issued by a corporation classified as a
regulated
investment company under the provisions of the federal internal revenue
code of 1986, as amended.
History: L. 1982, ch. 63, § 9; L. 1983, ch. 61, § 5;
L. 1995, ch. 130, § 2;
L. 1996, ch. 167, § 43; Apr. 18.
12-1,109.Same; exemptions.
Gross earnings derived from the following shall be exempt from taxes
levied by counties, cities and townships pursuant to this act:
(a) Notes secured by mortgages on real estate, which mortgages have
been recorded in this state and the registration fee or tax thereon
paid, as otherwise provided by law;
(b) all moneys, notes and other evidences of indebtedness held by
the trustee of a qualified trust described in section 401, 408 or
501(c)(4), (5), (9), (17) or (18) of the internal revenue code of
1986,
as amended (26 U.S.C. 401, 408 or 501(c)(4), (5), (9), (17) or (18))
which is part of a stock bonus, pension or profit-sharing plan of an
employer for the exclusive benefit of employees or their beneficiaries
or health and welfare plan;
(c) (1) for the taxable year commencing after December 31, 1981, money,
notes and other evidence of debt, to the extent of the
tax liability hereinafter provided, which is owned by a person who has a
disability or was 60 years of age or older on January 1 of the year in which an
exemption is claimed hereunder. The exemption allowable under this subsection
shall be in an amount equal to the lesser of the following: (A) The amount
of the tax liability on the first $3,000 of gross earnings from the money,
notes and other evidence of debt; or (B) the amount of the tax liability
on the first $3,000 of gross earnings from such money, notes and other evidence
of debt reduced by the amount that the owner's income exceeds $12,500,
including
in such owner's income the income of such person's spouse, in the year next
preceding that in which the exemption is claimed under this subsection.
No person shall be eligible to claim an exemption
hereunder in the same year in which such person's spouse has claimed an
exemption hereunder. As used in this subsection, the terms "income" and
"disability" shall have the meanings ascribed to them in
K.S.A. 79-4502, and amendments thereto; and (2) for all taxable
years commencing after December 31, 1982, money, notes and other evidences
of debt, to the extent of the
tax liability hereinafter provided, which is owned by a person who has a
disability or was 60 years of age or older on January 1 of the year in which an
exemption is claimed hereunder. The exemption allowable under this subsection
shall be in an amount equal to the lesser of the following: (A) The amount
of the tax liability on the first $5,000 of gross earnings from the money,
notes and other evidences of debt; or (B) the amount of the tax liability
on the first $5,000 of gross earnings from said money, notes and other
evidences of debt reduced by the amount that the owner's income exceeds
$15,000, including in such owner's income the income of such person's spouse,
in the year next
preceding that in which the exemption is claimed under this subsection.
No person shall be eligible to claim an exemption
hereunder in the same year in which such person's spouse has claimed an
exemption hereunder. As used in this subsection, the terms "income" and
"disability" shall have the meanings ascribed to them in
K.S.A. 79-4502, and amendments thereto;
(d) money, notes and other evidence of debt owned by any credit
union, national banking association, state bank, trust company or federal
or state-chartered savings and loan association;
(e) bonds or other evidence of indebtedness issued by the state, county,
city, school district or other municipal or taxing subdivision of the state;
(f) except for distributions made from earnings or profits of any small
business corporation, as defined by section 1371 of the internal revenue
code as enacted in 1986 (26 U.S.C. 1371), accumulated by that
corporation
prior to the time that it has made the election under section 1372 of the
internal revenue code of 1986 (26 U.S.C. 1372), all earnings or
profit distributed
by any such small business corporation having such an election in effect
to a person who was a shareholder of such corporation at the time of the
distribution;
(g) for all taxable years commencing after December 31, 1982, notes, other
than notes described in subsection (a), to the extent that such earnings
are a reimbursement of interest paid on another note the proceeds of which
was the source of funds for the first note;
(h) money, notes and other evidence
of debt belonging exclusively to a hospital, as defined by K.S.A. 65-425 and
amendments thereto, or a psychiatric hospital, as defined by K.S.A. 59-2902, as
in effect on January 1, 1976,
operated by a not-for-profit corporation, and used exclusively for hospital or
psychiatric hospital purposes;
(i) money, notes and other evidence of debt belonging exclusively to an
adult care home as defined by K.S.A.
39-923, and amendments thereto, operated by a not-for-profit corporation,
and used exclusively for adult care home purposes;
(j) money, notes and other evidence
of debt belonging exclusively to a private children's home as defined by
K.S.A. 75-3329, and amendments thereto, operated by a not-for-profit
corporation,
and used exclusively for children's home purposes;
(k) money, notes and other evidence of debt belonging exclusively to a
corporation organized not-for-profit which operates housing for elderly
persons having a limited or low income,
which property and the income therefrom is used exclusively for housing
for such elderly persons;
(l) shares, shares of stock or other evidence of ownership of national
banking associations, state banks and federal or state-chartered savings
and loan associations located or doing business within the state and shares
of stock or other evidence of ownership of corporations holding stock of
a national banking association, state bank and federal or state-chartered
savings and loan associations located or doing business in Kansas, to the
extent the income of such corporation is attributable to dividends received
on such stock; and
(m) shares of stock issued by a corporation classified as a
regulated
investment company under the provisions of the federal internal revenue
code of 1986, as amended.
History: L. 1982, ch. 63, § 9; L. 1983, ch. 61, § 5;
L. 1995, ch. 130, § 2;
L. 1996, ch. 167, § 43; Apr. 18.