Form K-34, titled "Kansas Business and Job Development Credit," is a state-specific tax form used by Kansas taxpayers to claim a non-refundable tax credit against their income tax or privilege tax. This credit is designed to encourage business investment and job creation within the state of Kansas.
Eligibility and Credit Definition
- The credit is available to any Kansas taxpayer who invests in a qualified business facility (QBF) and hires a certain number of qualified business facility employees (QBFE) as a direct result of that investment.
- There is no minimum investment threshold, but some investment must be made to qualify.
- The credit is non-refundable, meaning it can only reduce tax liability to zero and cannot result in a refund if it exceeds the taxpayer’s tax owed.
Reporting Requirements
- Part B of Schedule K-34 must be completed and submitted for every credit claimed.
- Parts C and D are to be completed only once per facility, regardless of the number of credits claimed for that facility.
- Lines 8b and A & B under Payroll Information are for legislative reporting purposes only and are not used in calculating the credit.
How to File Schedule K-34
- When filing your Kansas state tax return using tax preparation software, navigate to the "State" section.
- Select "Kansas State" and then go to the "Credits" section.
- Choose "Business and Job Development Credit" and follow the on-screen instructions to add Schedule K-34.
Source:
SCHEDULE K-34
Disclaimer: Always verify details with the official Kansas Department of Revenue forms and instructions. This information is for general guidance and may not apply to all individual circumstances. For complex situations, consult a CPA or tax attorney.