79-1121. Same; imposition; computation of amount. A recapture tax, in an amount computed as herein provided, shall be imposed on any refund, as defined in K.S.A. 79-1120, received by any national banking association, state bank, trust company or savings and loan association, in the year in which such refund is received. The amount of such tax shall be computed as follows:
(a) Multiply the amount of the refund received by the aggregate recapture rate;
(b) Multiply the amount of the refund received by the claimant's adjustment factor;
(c) Subtract the product obtained under subsection (b) from the product obtained under subsection (a);
(d) The tax shall be in an amount equal to the lesser of the amount determined in subsection (c) or the amount of the refund.
History: L. 1979, ch. 314, ยง 4; 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.