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Bill > SB33
KS SB33
KS SB33Exempting all social security benefits from Kansas income tax, providing income tax subtraction modifications for retirement plan amounts, federal work opportunity tax credit and employee retention credit disallowances and the carryforward of certain net operating losses, increasing the Kansas standard deduction by a cost-of-living adjustment and excluding social security payments from household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans
summary
Introduced
01/12/2023
01/12/2023
In Committee
03/01/2023
03/01/2023
Crossed Over
03/01/2023
03/01/2023
Passed
Dead
04/30/2024
04/30/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT concerning income taxation; relating to Kansas adjusted gross income; eliminating the income limitation to receive the subtraction modification exempting social security benefits; providing a subtraction modification for amounts received from retirement plans; relating to deductions; increasing the Kansas standard deduction by a cost-of-living adjustment; relating to homestead property tax refund claims; excluding social security payments from household income for eligibility of seniors and disabled veterans related to increased property tax claims; increasing the appraised value threshold for eligibility; providing a subtraction modification to permit the carry forward of certain net operating losses for individuals; providing a subtraction modification for the federal work opportunity tax credit and the employee retention credit disallowances; amending K.S.A. 2022 Supp. 79-32,117, 79-32,119 and 79-4508a and repealing the existing section sections.
AI Summary
This bill:
1. Eliminates the income limitation to receive the subtraction modification exempting social security benefits from Kansas income tax.
2. Provides a subtraction modification for amounts received from retirement plans.
3. Increases the Kansas standard deduction by a cost-of-living adjustment.
4. Excludes social security payments from household income for eligibility of seniors and disabled veterans related to increased property tax claims.
5. Increases the appraised value threshold for eligibility of seniors and disabled veterans for property tax refund claims.
6. Provides a subtraction modification to permit the carryforward of certain net operating losses for individuals.
7. Provides a subtraction modification for the federal work opportunity tax credit and the employee retention credit disallowances.
The bill aims to provide tax relief for retirees, seniors, disabled veterans, and those with net operating losses in Kansas.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Assessment and Taxation (Senate)
Last Action
House Died in House Committee (on 04/30/2024)
Official Document
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