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Department of Revenue tells committee about $1.3 billion in HPIP investment tax-credit carryforwards
Summary
At a Legislative Post Audit Committee briefing, the Kansas Department of Revenue reported roughly $1.3 billion in High Performance Incentive Program (HPIP) investment tax-credit carryforwards held by about 360 taxpayers and described manual review work and recent adjustments to records.
Kathleen Smith of the Kansas Department of Revenue told the Legislative Post Audit Committee that the department has calculated about $1.3 billion in HPIP investment tax-credit carryforwards that remain available to be claimed, attributable to roughly 360 certified entities. Smith said the department removed about $402 million from its books because of statute-of-limitations expirations and businesses that have closed, and those removals are not included in the $1.3 billion figure.
Smith summarized how the HPIP works: a nonrefundable training-and-education credit (up…
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