Topeka — Less than three weeks before the legislative recess, a bill has been introduced that would give tax breaks to those who contribute to a foundation run by the Kansas Board of Regents.
"It's a little late in the session," Rep. John Edmonds, R-Great Bend, and chairman of the House Taxation Committee, said Tuesday when the measure was sent to his committee for consideration. "But with the regents, anything has a chance. They have a lot of stroke."
The tax committee will probably conduct a hearing on the bill next week, he said. Lawmakers will be in session through April 6, then will take a break and return April 25 for several days to wrap things up.
The tax break measure is smaller than the regents originally contemplated.
Initially, the proposal was to offer tax credits of as much as $20 million per year. That has been reduced to $10 million annually.
Under the bill, contributors to the Kansas Regents Foundation would receive a tax credit against their tax liability equal to two-thirds of the amount of the donation.
The regents want to create an endowment for public institutions of higher education to fund projects as they come up rather than going through the often-lengthy process of getting a state appropriation.
Regents members have said the funds would go to pay for technology improvements, increasing student financial aid and collaborative efforts between the schools.
Dick Carter, a spokesman for the regents, said the regents waited to have the legislation introduced until it had gotten its application in line to receive nonprofit status for the foundation.
Regardless of legislative approval for the tax credits, the foundation will be established, but it would be much more appealing to donors if it could offer tax credits, Carter said.
The regents decided to reduce from $20 million to $10 million the amount of allowable tax credits in order to make the bill more palatable to lawmakers, he said.
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