Bill
Bill > HB2457
KS HB2457
KS HB2457Providing an income tax rate of 4.95% for individuals and decreasing the normal tax for corporations, increasing the income limit for the income tax subtraction modification for social security income and providing that all social security income qualifies for the subtraction modification commencing in tax year 2026, increasing the Kansas standard deduction for individuals and further increasing the standard deduction by a cost-of-living adjustment, discontinuing the food sales tax credit, decre
summary
Introduced
03/13/2023
03/13/2023
In Committee
03/13/2023
03/13/2023
Crossed Over
Passed
Dead
04/30/2024
04/30/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT concerning taxation; relating to income tax; providing a 4.95% tax rate for individuals and decreasing the normal tax for corporations; discontinuing possible future corporate rate decreases as a result of agreements under the attracting powerful economic expansion program act; increasing the income limit to qualify for a subtraction modification for social security income; providing that all social security benefits qualify for the subtraction modification commencing in tax year 2026; increasing the Kansas standard deduction by a cost- of-living adjustment; discontinuing the food sales tax credit; relating to sales and compensating use tax; reducing the rate of tax on sales of food and food ingredients; relating to property tax; increasing the extent of exemption for residential property from the statewide school levy; relating to privilege tax rates; decreasing the surtax; amending K.S.A. 79-1107 and 79-1108 and K.S.A. 2022 Supp. 74-50,321, 79- 201x, 79-32,110, 79-32,117, 79-32,119, 79-32,271, 79-3603, 79-3603d, 79-3620, 79-3703 and 79-3710 and repealing the existing sections.
AI Summary
This bill provides a 4.95% income tax rate for all individuals, regardless of filing status, commencing in tax year 2024. It also decreases the normal tax rate for corporations from 4% to 3% starting in tax year 2023. The bill increases the income limit to qualify for the subtraction modification for social security income, and provides that all social security benefits will qualify for the subtraction modification starting in tax year 2026. Additionally, the bill increases the Kansas standard deduction, discontinues the food sales tax credit, and reduces the sales tax rate on food and food ingredients to 0% starting in July 2023.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Taxation (House)
Last Action
House Died in Committee (on 04/30/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://kslegislature.org/li/b2023_24/measures/hb2457/ |
| Fiscal Note - Ficsal Note: As introduced | https://kslegislature.org/li/b2023_24/measures/documents/fisc_note_hb2457_00_0000.pdf |
| BillText | http://kslegislature.org/li/b2023_24/measures/documents/hb2457_00_0000.pdf |
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