![]() ![]() ![]() ![]() The seller shall obtain an exemption certificate that claims an exemption that was authorized pursuant to Kansas law on the date of the transaction in the jurisdiction where the transaction is sourced pursuant to law, could be applicable to the item being purchased and is reasonable for the purchaser's type of business. Otherwise, the sales shall be deemed to be taxable sales under this act. Any person selling tangible personal property or furnishing taxable services shall be prohibited from asserting that any sales are exempt from taxation unless the retailer has in the retailer's possession a properly executed exemption certificate provided by the consumer claiming the exemption, except as follows: (1) A retailer is relieved of liability for tax otherwise applicable if the retailer obtains a fully completed exemption certificate or captures the relevant data elements required by the director within 90 days subsequent to the date of the sale or (2) if the retailer has not obtained an exemption certificate or all relevant data elements, the retailer, within 120 days subsequent to a request for substantiation by the director, either may obtain a fully completed exemption certificate from the purchaser, taken in good faith which meets the requirements specified in this subsection, or obtain other information establishing that the transaction was not subject to tax. Such records shall be preserved during the entire period during which they are subject to inspection by the director, unless the director in writing previously authorizes their disposal. Such books and records and other papers and documents shall, at all times during business hours of the day, be available for and subject to inspection by the director, or the director's duly authorized agents and employees, for a period of three years from the last day of the calendar year or of the fiscal year of the retailer, whichever comes later, to which the records pertain. (a) Every person engaged in the business of selling tangible personal property at retail or furnishing services taxable in this state, shall keep records and books of all such sales, together with invoices, bills of lading, sales records, copies of bills of sale and other pertinent papers and documents. Books and records inspection preservation actions for collection exemption certificates, requirements refunds and credits limitations extension of period for making assessment or filing refund claim interest on overpayments payment of certain refunds of tax paid on manufacturing and processing equipment. “Flint Energies has refunded more than $65 million in capital credits from our beginning in 1937 through 1998 to our Members.79-3609. ![]() Our primary focus is service, not profits,” says Marian McLemore, Vice President of Cooperative Communications. “Flint Energies operates at cost therefore, excess revenue is returned unlike with investor-owned utilities. Flint Energies uses the “first in, first out” (FIFO) method of retiring capital credits, refunding to Members whose capital has been invested for the longest time in the Cooperative. This invested amount represents the value of a Member’s ownership in the Cooperative. Capital credits are only returned if it is financially prudent to do so.Įach Member is assigned capital credits based on the electricity purchased during the year. Each year, the Flint Energies Board of Directors determines what portion of capital credits can be retired or returned to the membership. Rather than earning profits from monthly payments, after paying off debts and establishing a reserve for unexpected events, Flint returns the excess revenue to its Members. If someone receives electric service from a cooperative like Flint Energies, he/she owns the company along with everyone else that receives service. ![]()
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