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50% TAX CREDITS for 2012
Remember, your donation of $1,000 - $5,000 to Railroad Heritage, Inc./The Great Overland Station will qualify you to receive the 50% tax credit!
Example of cost to donor, with tax credits: Donation $1,000 $5,000 Minus Kansas State Income Tax Credit * - 500 - 2,500 500 $2,500 Eligible for federal income tax deduction 500 $2,500 Deduct federal income tax ( sample of 35% tax bracket) - 175 $ ,875 ($500.00 x 35% federal income tax rate = $175.00) ($2,500 x 35% federal income tax rate = $850.00) Total cost to donor $ 325 $1,625 (Please consult your tax advisor for your specific situation) The Great Overland Station has again been designated a Partnership Historic Site of the Kansas State Historical Society. In addition to this designation, we were awarded Partnership Historic Sites tax credits for the period July 1, 2010 – June 30, 2011 and July 1, 2011-June 30, 2012. Here’s how the program works: the guidelines specify that a person or business who donates $1,000.00 - $5,000.00 during this period will receive a 50% tax credit toward their Kansas State Income Tax. Thus, a donor of $1,000.00 in 2012 would receive a Kansas State Income Tax Credit of $500.00 for 2012. The remaining $500.00, minus the value of benefits received, is deductible according to As you can see, it’s a great benefit, both for the donor and for the Great Overland Station! And these tax credits are even refundable – if you don’t owe as much tax as you have credits, the state will refund the remainder of the credit directly to the taxpayer/donor. This advantageous new program is designed to aid non-profit organizations that are making a contribution to Kansas history and its interpretation. The Great Overland Station/Railroad Heritage, Inc. feels honored to be awarded tax credits and excited to offer this benefit to you. For more information, review the “Frequently Asked Questions” in this brochure. If you want to enjoy the benefits of tax credits, please consider making a donation of $1,000 - $5,000 (and be aware that only a limited number are available). Remember, your donation to the Great Overland Station will help to preserve and interpret significant Kansas history and honor America’s veterans! Frequently Asked Questions What is the Partnership Historic Sites Tax Credit Program? The PHS tax credit program provides an allocation of state tax credits to select Partnership Historic Sites, which are chosen each year by the PHS Committee. The Great Overland Station, as a select Partnership Historic Site, is able to offer these tax credits to individuals, companies, businesses, and other taxpayers who provide donations or other contributions. What is a tax credit? A tax credit differs from an income tax deduction. An income tax deduction lowers the amount of income subject to taxation. A tax credit, however, lowers the amount of taxes that are paid to the state. In general, a dollar of tax credit reduces the amount of tax paid by one dollar. Who is eligible to receive a PHS tax credit? Individuals, companies, and businesses that pay State of Kansas Income, Premium or Privilege taxes are eligible to receive Partnership Historic Site Tax Credits. What if I don’t end up owing any state taxes for 2012? This tax credit is a refundable credit. If the donor does not owe state taxes for the year in which the donations was given, the donor may still complete Schedule K-75 and submit it with their state tax return for the year. Any unused portion of these tax credits will be refunded to the taxpayer/donor.
How much of a tax credit will I receive? Donors will receive tax credits equal to 50% of the value of their donations to the Great Overland Station. What about the rest of my donation? Can I claim that as a charitable contribution? Yes. Please contact the Internal Revenue Service, Kansas Department of Revenue or a tax professional with any questions related to tax credits and charitable donations. How much do I have to donate? A taxpayer must make a contribution of at least $1,000, but not more than $5,000 to the Great Overland Station. What happens if I give more than $5,000? The amount of credit cannot exceed $2,500 for any one taxpayer in any one taxable year. What if I give $5,000 on December 31, 2011 and another gift of $5,000 on January 1, 2012? It is permissible to accept qualified donations from a donor at the end of one tax year and another donations at the beginning of the following tax year so that in effect, the donor/taxpayers will get tax credits claimable for each tax year. The donor is allowed up to a $2,500 credit per tax year. Can I give my unused tax credits to my best friend Tommy? No, the tax credits may not be transferred to any other taxpayers. The credits must be used by the donor. If I don’t use the tax credits, can I apply them toward next year’s taxes? No, the credit must be used for the tax year in which the donation is given. If the donation is given in 2011, the credits cannot be used on 2012 taxes. Is there a deadline for contributions? The PHS tax credits are allocated to the PHS Program at the beginning of each state fiscal year. The Kansas state fiscal year begins July 1st of each year and ends June 30th of the following year. Allocations of these tax credits awarded to the Great Overland Station must be passed on to eligible donors/taxpayers within that fiscal year. Thus, all checks, appraisals, or receipts must be dated within this time period. What if I want to donate my services to the Great Overland Station? Does that qualify? Yes, but in-kind donations must have an established market value. The donor must provide the Great Overland Station with an official appraisal of the object’s value or some other valid documentation of its current value. A receipt of acceptance from the PHS must also be included with the donor submission forms detailing the date that item of service was transferred to the organization/historic site. How do I file for the credit? You will complete and fill out a Partnership Historic Sites Donation Form when making your donation. The Great Overland Station will also sign that form and send it to the Partnership Sites Tax Credit Program at the Kansas State Historical Society. The KSHS will then sign the form, and return it to you along with a letter and a Schedule K-75 Form. You will complete the K-75 form to file your state tax return and claim your tax credit. Remember, your donation of $1,000 - $5,000 to Railroad Heritage, Inc./The Great Overland Station will qualify you to receive the 50% tax credit!
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Tues thru Sat: 10am to 4pm and Sunday: 1:00pm to 4 pm / Last Admission 3:15 pm Closed Sundays in Jan. & Feb., Monday’s, Holidays, and the 1st Wednesday of every month (Adults - $5) (Seniors 62+: $4 ) (Military w/ID: $1 discount) (Ages 3-12: $2) (2 and under Free) (Members: Free)
All information provided on this website is provided for information purposes only and under the direct of Railroad Heritage, Inc. Information on this website is subject to change without prior notice. Railroad Heritage, Inc. makes no guarantees of any kind. Contact us at 785-232-5533 if you encounter any problems.
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