Bill
Bill > HB2284
KS HB2284
KS HB2284Providing an income tax rate of 5.25% for individuals, exempting all social security benefits from Kansas income tax, increasing the standard deduction by a cost-of-living adjustment, increasing 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 April 1, 2024, and increasing the extent of property tax exemption for residential property from the statewide school levy.
summary
Introduced
02/02/2023
02/02/2023
In Committee
03/15/2023
03/15/2023
Crossed Over
02/21/2023
02/21/2023
Passed
01/26/2024
01/26/2024
Dead
Vetoed
01/29/2024
01/29/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT concerning taxation; relating to income tax; providing a 5.25% tax rate for individuals; eliminating the income limitation to receive the subtraction modification exempting social security benefits; increasing the Kansas standard deduction by a cost-of-living adjustment; increasing 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; concerning sales and compensating use tax; relating to sales of food and food ingredients; reducing the rate of tax imposed; modifying the percent credited to the state highway fund from revenue collected; amending K.S.A. 79-1107 and 79-1108 and K.S.A. 2023 Supp. 79-201x, 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.
AI Summary
This bill:
- Provides a 5.25% income tax rate for all individuals, regardless of filing status, starting in tax year 2025 and thereafter. It also increases the Kansas standard deduction and personal exemption amounts, with future annual cost-of-living adjustments.
- Exempts all social security benefits from Kansas income tax starting in tax year 2024.
- Decreases the privilege tax normal tax rate on banks, trust companies, and savings and loan associations.
- Increases the extent of property tax exemption for residential property from the statewide school levy.
- Establishes a 0% state sales and use tax rate for food and food ingredients starting on April 1, 2024.
- Increases the percentage of sales and compensating use tax revenue credited to the state highway fund.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Insurance (House)
Last Action
House Motion to Reconsider Failed (on 02/20/2024)
Official Document
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