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Bill > SB37
KS SB37
KS SB37House Substitute for SB 37 by Committee on Financial Institutions and Pensions - Modifying income tax rates for individuals, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction and the Kansas personal exemption, decreasing the privilege tax normal tax, establishing a 0% state rate for sales and use taxes for food and food ingredients on July 1, 2024, and modifying the percent credited to the state highway fund, increasing the extent of property
summary
Introduced
01/17/2023
01/17/2023
In Committee
03/14/2024
03/14/2024
Crossed Over
03/01/2023
03/01/2023
Passed
04/30/2024
04/30/2024
Dead
Vetoed
04/30/2024
04/30/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT concerning taxation; relating to income tax; modifying tax rates for individuals; eliminating the income limit to qualify for a subtraction modification for social security income; increasing the Kansas standard deduction and the Kansas personal exemption; relating to privilege tax; decreasing the normal tax rate; relating to property tax; increasing the extent of exemption for residential property from the statewide school levy; decreasing the rate of ad valorem tax imposed by a school district; abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund and providing for certain transfers to the state school district finance fund; relating to sales and compensating use tax; reducing the state rate of tax on sales of food and food ingredients; modifying the percent credited to the state highway fund from revenue collected; amending K.S.A. 65-163j, 65-3306, 65-3327, 75-2556, 79-1107, 79-1108 and 79-1479 and K.S.A. 2023 Supp. 72-5142, 74-8768, 79-201x, 79-2988, 79-32,110, 79-32,117, 79-32,119, 79-32,121, 79-3603, 79-3603d, 79-3620, 79-3703 and 79-3710 and repealing the existing sections; also repealing K.S.A. 19-2694, 79-2960, 79-2961, 79-2962, 79-2965, 79-2966 and 79-2967 and K.S.A. 2023 Supp. 79-2959 and 79-2964.
AI Summary
This bill:
- Abolishes the local ad valorem tax reduction fund and the county and city revenue sharing fund, and provides for certain transfers to the state school district finance fund.
- Decreases the normal tax rate on banks, trust companies, and savings and loan associations.
- Increases the Kansas standard deduction and the Kansas personal exemption for individual taxpayers.
- Eliminates the income limit to qualify for a subtraction modification for social security income.
- Establishes a 0% state rate for sales and use taxes on food and food ingredients on July 1, 2024.
- Increases the extent of the property tax exemption for residential property from the statewide school levy and decreases the rate of the ad valorem tax imposed by school districts.
- Modifies the percent of sales and use tax revenue credited to the state highway fund, increasing it from 17% to 18% on July 1, 2024.
Committee Categories
Budget and Finance, Business and Industry, Labor and Employment
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Financial Institutions and Pensions (H)
Last Action
Senate No motion to reconsider vetoed bill; Veto sustained (on 04/30/2024)
Official Document
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