From Great Bend Economic Development
With $250,000 in Kansas tax credits still available and an Oct. 31 deadline approaching, Great Bend Economic Development urges local businesses and individuals to take advantage of a significant tax incentive while supporting economic growth in Barton County.
Great Bend Economic Development recently secured a $350,000 allocation of Community Development Tax Credits through Network Kansas. The program offers a 75% Kansas state income tax credit for qualifying contributions, allowing individuals and businesses to invest in their community while receiving a substantial tax benefit.
To fully utilize its allocation, GBED must collect approximately $467,000 in contributions. Early participation has already accounted for $100,000 in tax credits, leaving $250,000 in available credits and approximately $333,333 in additional contributions needed before the deadline.
The approaching deadline carries significant implications for Barton County. Beginning Nov. 1, unused tax credit allocations may enter a statewide redistribution process. Organizations that fully utilize their initial allocations could qualify for additional credits, while those that fall short risk losing a portion of their awards.
For GBED, the next two weeks present an opportunity to attract additional investment while protecting resources already allocated to the community.
"We have an incredible opportunity in front of us, but we need our community to act quickly," said Jason Kuilan, director of Great Bend Economic Development. "If we fully utilize our allocation, we may have the opportunity to secure even more tax credits for Barton County. But if we don't, we risk losing credits that could otherwise support economic growth right here at home."
Through the program, qualifying contributors receive a Kansas state income tax credit equal to 75% of their contribution. For example, a $10,000 contribution generates a $7,500 state tax credit, while a $20,000 contribution generates a $15,000 credit.
The program encourages private investment in economic development initiatives that strengthen entrepreneurship, support business growth and expand opportunities throughout Barton County.
GBED encourages business owners, individuals, accountants and financial advisers to explore the opportunity, particularly those with Kansas state income tax liability who may benefit from the credit.
Unlike the organization's earlier campaign, which collected pledges to support its application, the current allocation requires completed contributions. GBED must receive checks by Oct. 31 to count toward its initial allocation before the statewide redistribution process begins.
"Every contribution makes a difference, not only in helping us reach our current goal but also in positioning Barton County for additional opportunities," Kuilan said. "The stronger our local participation, the greater our potential to bring additional investment into our community."
GBED encourages interested contributors to consult their tax professionals to determine how the credits may apply to their individual or business tax circumstances.
Businesses and individuals interested in participating should contact Great Bend Economic Development promptly to discuss eligibility, contribution amounts and payment arrangements.
For more information, contact Great Bend Economic Development at 620-796-2407 or Director@GBEDInc.com