79-1127. Estimated tax; manner of payment; penalties. (a) Every national banking association, bank, trust company, and savings and loan association subject to taxation under article 11 of chapter 79 of the Kansas Statutes Annotated whose tax liability can reasonably be expected to exceed $500 shall pay estimated tax in the same manner as a corporation subject to the provisions of K.S.A. 79-32,101 et seq. Such payment shall be made in the manner provided in K.S.A. 79-32,103 and shall be allowed as a credit against the tax imposed by this act.
(b) A penalty at the same rate per annum prescribed by subsection (b) of K.S.A. 79-2968, and amendments thereto, for interest upon delinquent or unpaid taxes shall be applied and added to a taxpayer's amount of underpayment of estimated tax due from the date the estimated tax payment was due until the same is paid or until the 15th day of the fourth month following the close of the taxable year for which such estimated tax is a credit, whichever date is earlier, but such penalty shall not be added if the total amount thereof does not exceed $5. For purposes of this subsection, the amount of underpayment of estimated tax shall be the excess of the amount of the installment which would be required to be paid if the estimated tax were equal to 90% of the tax shown on the return for the taxable year or, if no return was filed, 90% of the tax for such year, over the amount, if any, of the installment paid on or before the last date prescribed for payment.
(c) No penalty shall be imposed upon any taxpayer subject to the provisions hereof if the total amount of all payments of estimated tax made on or before the last date prescribed for payment of such installment equals or exceeds the amount which would have been required to be paid on or before such date if the estimated tax were whichever of the following is the least:
(1) The tax shown on the return of the taxpayer for the preceding taxable year, if a return was filed by the taxpayer for the preceding taxable year and such preceding year was a taxable year of 12 months; or
(2)(A) an amount equal to 90% of the tax for the taxable year computed by placing on an annualized basis the taxable income: (i) For the first three months of the taxable year, in the case of the installment required to be paid in the fourth month; (ii) for the first three months or for the first five months of the taxable year, in the case of the installment required to be paid in the sixth month; (iii) for the first six months or for the first eight months of the taxable year in the case of the installment required to be paid in the ninth month; and (iv) for the first nine months or for the first 11 months of the taxable year, in the case of the installment required to be paid in the 12th month of the taxable year.
(B) For purposes of this subsection (2), the taxable income shall be placed on an annualized basis by (i) multiplying by 12 the taxable income referred to in subsection (2)(A), and (ii) dividing the resulting amount by the number of months in the taxable year (three, five, six, eight, nine, or 11, as the case may be) referred to in subsection (2)(A).
(d) The provisions of this section shall be applicable to all taxable years commencing after December 31, 1992.
History: L. 1992, ch. 295, ยง 4; May 28.
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.