ICC Shares Information
on Kansas Tax Credit
Program
Independence Community
College representatives
shared key points of the
Kansas Department of
Revenue’s Deferred
Maintenance Tax Credit
Program Thursday evening
when representatives of
Independence’s business
and financial
professionals gathered
at the Independence
Country Club for hors
d’oeuvres and
information.
“Independence Community
College has an amazing
opportunity to fund
building renovations
while offering Kansas
taxpayers the
opportunity to
contribute to a great
cause, keep their tax
dollars working in their
community and earn
enticing tax credits at
the same time,” said Dr.
Daniel Bain, ICC
President.
He went on to explain
that donations given to
the college will be used
exclusively for
renovating of the
college’s ICC West
Campus Building, located
on West Main Street.
This important project
will add needed
classrooms, a dedicated
vocational training
center, an adult
education facility and a
much needed and long
awaited Southeast Kansas
senior citizens center.
Dr. Bain highlighted the
history behind HB-2237
and then went on to
explain that the seminar
was structured to offer
the information to the
business leaders and
professionals from whom
people seek expertise
when working with their
taxes and investments.
Craig Schlorholtz, of
First National Bank, and
Dan Carroll, of Yerkes
and Michels, presented
the details of the
program noting that
businesses and
individual taxpayers can
make donations to
Independence Community
College and receive 60%
of that gift back in tax
credits from the State
of Kansas with a Federal
tax deduction of
remaining gift.
Carroll sited that a
donation paid to ICC for
$1,000 would offer the
taxpayer $600 in Kansas
tax credits and by
itemizing, someone in
the 25% tax bracket
could save an additional
$100 in their Federal
taxes making the
donation of $1,000 to
the community college an
actual cost of only
$300. He explained that
people are in many
different brackets and
circumstance and people
should consult with
their tax advisors to
determine how their gift
to the college could
work for their good.
Schlorholtz stressed
that the program is
quite simple and that
gifts will be applied to
the tax credit from now
through December 31st
or until the college
reaches the maximum
allowable credits,
$78,125. Carman Duroni,
of Yerkes and Michels,
noted that $78,125 was
the amount of tax
credits available for
the donations for the
2008’s 3rd
and 4th
quarter but that this
figure actually
represented only 60%
percent of the monies
that would be raised for
the college’s project
this fall.
The tax credit program
will continue through
2012 with the amounts of
tax credits increasing
to $156,250 for 2009 and
$208,233 for years
2010-12. Over a four
and a half year period
this program could
generate over $1.4
million to ICC while
offering tax payers the
opportunity to use their
state and Federal tax
dollars to directly
improve their own
community.
Schlorholtz noted that
the tax credits are an
attractive and sought
after commodity and he
did not believe it would
take long for ICC to
reach their limit for
2008. Immediately
thereafter, Dr. Bain
accepted his first
donation to the cause
from Jack Ashcraft,
long-time ICC supporter,
alumni and Pirate
Football team member of
1951 and 1952.
For more information
about the tax credit
program, contact your
accountant, tax
professionals.
Companies currently
answering working in the
program include: Yerkes
& Michels, Stafford &
Westervelt, and H&R
Block. More
information can also be
found by calling the
college at (620)
331-4100.
