79-1112. Disposition of tax moneys; privilege tax refund fund established; refunds. (a) The director of taxation shall remit all tax moneys collected under the provisions of this act to the state treasurer in accordance with the provisions of K.S.A. 75-4215, and amendments thereto, less amounts set apart in the privilege tax refund fund in the manner provided in subsection (b). Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury to the credit of the state general fund.
(b) A fund designated as the privilege tax refund fund shall be set apart and maintained by the director from the tax moneys collected under the provisions of this act and held by the state treasurer for prompt payment of all "privilege tax" refunds. The fund shall be in such amount as the director determines is necessary to meet current refunding requirements under this act. In the event such fund is at any time insufficient to provide for the payment of refunds due claimants thereof, the director shall certify the amount of additional funds required to the director of accounts and reports, who shall promptly transfer the required amount from the state general fund to the privilege tax refund fund and notify the state treasurer, who shall make proper entry in the records.
(c) If the director discovers from the examination of the return, or upon claim duly filed by the taxpayer or upon final judgment of the court that the tax imposed by this act, or any penalty or interest paid by or credited to any taxpayer is in excess of the amount legally due, the director shall certify to the director of accounts and reports the name of the taxpayer, the amount of refund and such other information as the director may require. Upon receipt of such certification, the director of accounts and reports shall issue a warrant on the state treasurer for the payment to the taxpayer out of the fund provided in subsection (b), except that no refund shall be made for a sum less than $5, but such amount may be claimed by the taxpayer as a credit against the taxpayer's tax liability in the taxpayer's next succeeding year.
History: L. 1963, ch. 463, § 7; L. 1972, ch. 361, § 1; L. 1979, ch. 315, § 1; L. 1983, ch. 315, § 1; L. 1984, ch. 351, § 5; L. 2001, ch. 5, § 443; July 1.
Structure Kansas Statutes
Article 11 - Banks, Banking Businesses, Trust Companies And Savings And Loan Associations
79-1107 National banking associations and state banks; tax imposed; rate.
79-1108 Trust companies and savings and loan associations; tax imposed; rate.
79-1109 "Net income" defined; deductions.
79-1109a Application of 79-1107 and 79-1109.
79-1110a Application of 79-1110.
79-1111 Same; administration of act; rules and regulations.
79-1112 Disposition of tax moneys; privilege tax refund fund established; refunds.
79-1115 Application of 79-1107 and 79-1108.
79-1116 Application of 79-1107, 79-1108 and 79-1109.
79-1120 Recapture tax; definitions.
79-1121 Same; imposition; computation of amount.
79-1122 Same; time for assessment and payment; penalties.
79-1123 Administration of act; rules and regulations.
79-1124 Same; disposition of moneys; refunds.
79-1126 Credit against tax for interest rate reduction for agricultural production loan.
79-1126a Credit against tax for interest rate reductions on certain agricultural production loans.
79-1127 Estimated tax; manner of payment; penalties.
79-1129 Same; procedures and methodology in determining allocable and apportionable income.
79-1130 Same; receipts factor defined and described.
79-1131 Same; property factor defined and described.
79-1132 Same; payroll factor defined and described.
79-1133 Tax upon cessation of business as financial institution; computation.
79-1134 Supplemental to 79-1106 et seq.
79-1135 Consolidated returns or combined reports required, when.