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Archive for Wednesday, October 17, 2012

KU to get larger refund from federal government

October 17, 2012

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— Kansas University got some good news from the Internal Revenue Service.

The school had earlier estimated that it would receive a refund of approximately $15 million in FICA taxes plus interest paid on medical residents.

Now that figure is more like $20 million, KU Chancellor Bernadette Gray-Little said Wednesday.

The refund is related to payroll taxes paid back in the 1990s.

The FICA refund has already been plugged into KU's proposal to build a new medical education building at the KU Medical Center in Kansas City, Kan.

Now that the refund will be larger, Gray-Little said she still would like all of it to go toward that project.

Under KU's proposal, the building's estimated cost of $75 million was to be funded with the refund, private dollars and a state appropriation.

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