Kansas R&D Tax Credit Filing Instructions

To claim the Research and Development (R&D) tax credit in Kansas, eligible taxpayers must compute the credit based on their qualified research and development expenditures. For tax years commencing after December 31, 2022, the credit is 10% of the difference between the actual qualified research and development expenses for the current year and the average of the actual expenditures made during the current year and the two previous tax years. This credit is available to any individual or entity, including C-corporations and pass-through entities. The credit utilization in any one tax year is limited to 25% of the credit plus any carryforward, and any remaining unused credit can be carried forward in 25% increments indefinitely until it is fully utilized. To make the state R&D tax credit claim, taxpayers must complete and submit Schedule K-53, Kansas Research and Development Credit, with their Kansas income tax return. Additionally, beginning in tax year 2023, taxpayers without a current tax liability can transfer their new R&D tax credits to another taxpayer; this transfer can only occur once for the full credit amount, and the transferor must also submit Schedule K-53.

Kansas Patent of the Year – 2024/2025

Ossifi Therapeutics LLC has been awarded the 2024/2025 Patent of the Year for its groundbreaking approach to bone regeneration. Their invention, detailed in U.S. Patent No. 11903949, titled ‘Fluoro beta-carboline compounds’, introduces a new class of compounds designed to stimulate bone formation and repair.

These fluoro beta-carboline compounds function by targeting and inhibiting specific proteins that naturally suppress bone growth. By blocking these inhibitors, the compounds activate signaling pathways that promote the development of new bone tissue. This mechanism holds promise for treating a range of bone-related conditions, including fractures, osteoporosis, and other disorders characterized by low bone density.

Beyond bone regeneration, the compounds have shown potential in addressing other serious health issues. They may aid in the treatment of diabetes by promoting the regeneration of insulin-producing cells in the pancreas. Additionally, preliminary studies suggest efficacy in combating certain types of cancer and mitigating kidney damage.

Ossifi Therapeutics LLC’s innovation represents a significant advancement in regenerative medicine, offering new hope for patients with challenging bone and metabolic conditions. With ongoing research and development, these compounds could become a cornerstone in the treatment of various diseases, marking a pivotal step forward in therapeutic science.