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Bill > HB2096
KS HB2096
KS HB2096Establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, increasing the tax credit amount for household and dependent care expenses, modifying the definition of household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax claims and citing the section as the homeowners' property tax freeze program, providing a property tax rebate for certain b
summary
Introduced
01/19/2023
01/19/2023
In Committee
03/15/2023
03/15/2023
Crossed Over
02/17/2023
02/17/2023
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; establishing the veterans' valor property tax relief act and providing for an income tax credit or refund for eligible individuals; increasing the tax credit amount for household and dependent care expenses; modifying the definition of household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax claims and citing the section as the homeowners' property tax freeze program; relating to property tax; providing a rebate for certain business property operated in competition with property owned or operated by a governmental entity; providing exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers; excluding internal revenue code section 1031 exchange transactions as indicators of fair market value; providing for certain exclusions from the prohibition of paying taxes under protest after a valuation notice appeal; providing four prior years' values on the annual valuation notice; amending K.S.A. 79-213, 79-503a, 79-32,111c and 79-5501 and K.S.A. 2023 Supp. 79-1460, 79-2005 and 79-4508a and repealing the existing sections.
AI Summary
This bill establishes the Veterans' Valor Property Tax Relief Act, providing a 75% income tax credit for property and ad valorem taxes paid on a disabled veteran's principal residence. It also provides a property tax rebate for businesses that compete with tax-exempt government facilities, exempts certain personal property like watercraft and off-road vehicles from taxation, and modifies the definition of household income and increases the appraised value threshold for eligibility of seniors and disabled veterans under the Homeowners' Property Tax Freeze Program. The bill also excludes 1031 exchange transactions as indicators of fair market value for property tax assessment purposes and requires valuation histories to be included on annual property tax notices.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Insurance (House)
Last Action
House No motion to reconsider vetoed bill; Veto sustained (on 04/30/2024)
Official Document
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