Chapter 74, STATE BOARDS, COMMISSIONS AND AUTHORITIES

74-8113. Employees of Kansas technology enterprise corporation. (a) Except as provided in subsection (h) of K.S.A. 74-8101 and amendments thereto, for members of the board of directors of the Kansas technology enterprise corporation, the provisions of article 32 of chapter 75 of …

74-8114. Disposition of moneys. (a) All state appropriations to or grants of state appropriations to the Kansas technology enterprise corporation shall remain in the state treasury until expended, loaned, transferred to other state agencies or invested pursuant to the Kansas tech…

74-8115. Citation of act. K.S.A. 74-5050 and 74-8101 through 74-8115 and amendments thereto shall be known and may be cited as the Kansas technology enterprise corporation act. History: L. 1987, ch. 317, § 4; April 30.

74-8116. State patent depository library; designation of state agency therefor; grant to establish. (a) The state of Kansas is hereby authorized to establish a patent depository library at a state agency and location designated as prescribed by this section. (b) "Patent depositor…

74-8122. Abolishing the agricultural value added center, the agricultural value added processing center leadership council, the division of markets and the director of marketing. (a) The agricultural value added center established by K.S.A. 1995 Supp. 74-8117 and the agricultural…

74-8123. Abolition of Kansas technology enterprise corporation. The Kansas technology enterprise corporation, created by K.S.A. 74-8101 et seq., and amendments thereto, is hereby abolished. History: L. 2011, ch. 104, § 1; June 2.

74-8124. Same; transfer of powers and duties to department of commerce and secretary of commerce; transfer of fund balances to department of commerce; transfer of employees to department of commerce. Except as otherwise provided in K.S.A. 74-8127 through 74-8129, and amendments t…

74-8125. Same; succession to powers, duties and functions of Kansas technology enterprise corporation by secretary and department of commerce. Except as otherwise provided in K.S.A. 74-8127 through 74-8129, and amendments thereto, on the effective date of this act: (a) The depart…

74-8126. Same; transfer of property and records to secretary or department of commerce; resolution of conflicts. (a) When any conflict arises as to the disposition of any property, power, duty or function or the unexpended balance of any appropriation as a result of any abolition…

74-8127. Same; transfer of certain powers and duties to board of regents; transfer of certain funds to board of regents; transfer of certain liabilities to board of regents. (a) On the effective date of this act, the following powers, duties and functions of the Kansas technology…

74-8128. Same; succession of certain powers, duties and functions of Kansas technology corporation by board of regents. On and after the effective date of this act: (a) The board of regents shall be the successor in every way to the powers, duties and functions of the Kansas tech…

74-8129. Same; transfer of certain property and records to board of regents; resolution of conflicts. (a) When any conflict arises as to the disposition of any property, power, duty or function or the unexpended balance of any appropriation as a result of any abolition or transfe…

74-8130. Same; rights preserved in legal actions and proceedings. (a) No suit, action or other proceeding, judicial or administrative, lawfully commenced, or which could have been commenced, by or against any state agency or program mentioned in K.S.A. 74-8124 through 74-8129, an…

74-8130a. Effective date for certain sections. K.S.A. 74-8123 through 74-8130, inclusive, shall become effective on July 1, 2011. History: L. 2011, ch. 104, § 9; June 2.

74-8131. Citation of act; purpose. (a) The purpose of the Kansas angel investor tax credit act is to facilitate the availability of equity investment in businesses in the early stages of commercial development and to assist in the creation and expansion of Kansas businesses, whic…

74-8132. Definitions. As used in this act: (a) "Angel investor" and "investor" mean an accredited investor who is a natural person or an owner of a permitted entity investor, who is of high net worth, as defined in 17 C.F.R. § 230.501(a), as in effect on July 1, 2004, and who see…

74-8133. Tax credits for investment in qualified securities of qualified Kansas business; claims; limitations; transfer of credits; reimbursement of administrative costs. (a) A credit against the tax imposed by article 32 of chapter 79 of the Kansas Statutes Annotated, and amendm…

74-8134. Qualified Kansas business; application for qualification, contents, trade secrets to be accorded confidentiality; burden of proof to demonstrate qualification; notice upon change therein. (a) Before an angel investor may be entitled to receive tax credits, as authorized …

74-8135. Same; designation upon determination that criteria satisfied; reporting requirements. (a) The designation of a business as a qualified Kansas business shall be made by the secretary, and such designation must be renewed annually. A business shall be so designated if the …

74-8136. Secretary of commerce authorized to issue tax credits; reporting required; annual review by secretary of commerce; loss of designation, notice, repayment obligations; disallowance; rules and regulations. (a) Tax credits for qualified Kansas businesses are a limited resou…

74-8137. Same; state not liable to investors. The state of Kansas shall not be held liable for any damages to any investor that makes an investment in any qualified security of a qualified Kansas business. History: L. 2004, ch. 112, § 80; July 1.

74-8201. Kansas statewide risk capital system; purposes. The purpose of this act is to create a Kansas statewide risk capital system to meet the special needs of the various regions of Kansas. This system will invest $10,000,000 of state funds to create private risk capital for i…

74-8202. Definitions. For the purposes of this act, the following terms shall have the meanings provided herein: (a) "Department" means the department of commerce. (b) "Kansas business" means any small business owned by an individual, any partnership, association or corporation d…

74-8203. Kansas Venture Capital, Inc.; investment in by pooled money investment board and private sector investors; board of directors, composition; president; investment of funds in certain businesses and companies; redemption of the investment by the pooled money investment boa…

74-8204. Annual report by Kansas venture capital, inc.; contents. (a) Kansas venture capital, inc., shall prepare and publish an annual report of its activities for the information of the governor, the standing committee on commerce of the senate, the standing committee on commer…

74-8205. Tax credits for investment in stock of Kansas Venture Capital, Inc. by banks, savings and loan associations and insurance companies; taxable years applicable. (a) Except as otherwise provided in K.S.A. 74-8207, and amendments thereto, every national banking association, …

74-8206. Income tax credit for investment in stock of Kansas Venture Capital, Inc. by corporations. (a) Except as otherwise provided in K.S.A. 74-8207, and amendments thereto, every taxpayer investing in stock issued by Kansas Venture Capital, Inc. shall be entitled to a credit i…

74-8207. Limitation on tax credits. The secretary of revenue may allow credits pursuant to K.S.A. 74-8205 and 74-8206 and amendments thereto that are attributable to not more than $10,000,000 of cash investment in Kansas Venture Capital, Inc. subject to the overall limitations of…

74-8208. State not liable to investors in Kansas Venture Capital, Inc. The state of Kansas may not be held liable for any damages to an investor in Kansas Venture Capital, Inc. History: L. 1986, ch. 332, § 14; May 22.

74-8209. Audit by legislative division of post audit. Kansas Venture Capital, Inc. shall be subject to an audit by the legislative division of post audit. History: L. 1986, ch. 332, § 15; May 22.

74-8210. Severability of act. If any provision of this act or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of the act which can be given effect without the invalid provision or application…

74-8211. Expiration of sections. At such time as the board of Kansas Venture Capital, Inc. redeems all of its nonvoting preferred stock as authorized pursuant to K.S.A. 74-8203, and amendments thereto, the provisions of K.S.A. 74-8203, 74-8204, 74-8207, 74-8208, 74-8209 and 74-82…

74-8301. Citation of act. The provisions of this act shall be cited as the "Kansas venture capital company act." History: L. 1986, ch. 285, § 1; May 22.

74-8302. Purpose of act. The purpose of the Kansas venture capital company act is to facilitate the formation of private venture capital companies that meet generally accepted national standards for private venture capital companies, and that make equity investments in the creati…

74-8303. Definitions. For the purposes of this act, the following terms shall have the meanings provided herein, unless the context clearly indicates otherwise: (a) "Department" means the department of commerce; (b) "equity" means all forms of equity such as common stock, preferr…

74-8304. Tax credit for investments in certified Kansas venture capital companies by corporations; determination and allowance. (a) There shall be allowed as a credit against the tax imposed by the Kansas income tax act on the Kansas taxable income of a taxpayer and against the t…

74-8304a. Same; acquisition by transfer of interest from investors exempt from taxation; conditions; limitations; documentation. Any investor that is not subject to taxation under the provisions of Article 32 of Chapter 79 of the Kansas Statutes Annotated and that makes a cash in…

74-8305. Rules and regulations. The secretary shall adopt rules and regulations to implement this act on or before October 1, 1986. History: L. 1986, ch. 285, § 5; May 22.

74-8306. Kansas venture capital companies; certification of, application, requirements, notification; duties of secretary; rules and regulations. (a) The secretary shall promulgate rules and regulations for making an application for certification of a Kansas venture capital compa…

74-8307. Same; requirements to continue certification; confidentiality and security of documents submitted therefor; limitation on ownership of majority equity interest in business in which funds invested. (a) To continue in certification, a Kansas venture capital company must: (…

74-8308. Same; reporting requirements; annual compliance review of each company by secretary, costs; notice of noncompliance; decertification; notice of forfeited tax credits. (a) Each qualified Kansas venture capital company shall report to the secretary on an annual basis such …

74-8309. Same; decertification; effect on tax credits. (a) Investors in a Kansas venture capital company are required to remit to the secretary of revenue full payment for all tax credits claimed under the Kansas venture capital company act if (1) at any time the Kansas venture c…

74-8310. Annual report by secretary; contents. (a) Pursuant to K.S.A. 74-5049, and amendments thereto, the secretary shall report the following: (1) The number of Kansas venture capital companies; (2) the total tax credit generated; (3) the total investments made in Kansas ventur…

74-8311. State not liable to investors in Kansas venture capital companies. The state of Kansas shall not be held liable for any damages to an investor in a Kansas venture capital company. History: L. 1986, ch. 285, § 11; May 22.

74-8316. Technology-based venture-capital fund authorized; investments in fund qualify for Kansas income tax credit by corporations; authorized investments fund limitations. (a) The secretary is hereby authorized to facilitate the establishment of a technology-based venture-capit…

74-8317. Same; reporting requirements. The secretary shall transmit annually to the governor, the standing committee on commerce of the senate and the standing committee on commerce, labor and economic development of the house of representatives: (a) The annual statement of the f…

74-8318. Same; conflict of interest provisions. No enterprise shall be eligible to receive investment pursuant to this act if the secretary or any employee of the department, or any officer, employee or member of the board of directors of either the fund or any other entity which…

74-8319. Same; definitions. For purposes of this act: (a) "Department" means the department of commerce; (b) "fund" means any venture-capital fund whether organized as a corporation, partnership, limited partnership, limited liability company or other business entity, as well as …

74-8401. Local seed capital pools; income tax credit for cash investment by corporations; limitations; definitions. (a) There shall be allowed as a credit against the tax imposed by the Kansas income tax act on the Kansas taxable income of a taxpayer and against the tax imposed b…

74-8402. Same; certification of local seed capital pools; applications, requirements; rules and regulations. (a) The secretary of commerce shall promulgate rules and regulations for making an application for certification of a local seed capital pool and shall specify the informa…