Bill
Bill > HB2837
KS HB2837
Simplifying income tax rates for individuals, increasing the the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate and establishing a 0% state rate for sales and use taxes for sales of food and food ingredients on July 1, 2024.
summary
Introduced
03/13/2024
03/13/2024
In Committee
03/13/2024
03/13/2024
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; modifying tax rates for individuals; increasing the Kansas personal exemption; increasing the income limit to qualify for a subtraction modification for social security income; 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; 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. 79-1107 and 79-1108 and K.S.A. 2023 Supp. 79-201x, 79-32,110, 79-32,117, 79- 32,121, 79-3603, 79-3603d, 79-3620, 79-3703 and 79-3710 and repealing the existing sections.
AI Summary
This bill makes the following key changes:
- Increases the Kansas personal exemption, with married couples filing jointly receiving a $22,000 exemption and single/head of household/married filing separately receiving an $11,000 exemption, plus an additional $3,000 exemption per dependent.
- Increases the income limit to qualify for a subtraction modification for social security income from $50,000 to $75,000 for tax years 2024-2023, and then provides a 100% subtraction for social security income regardless of income level starting in tax year 2024.
- Increases the extent of property tax exemption for residential property from the statewide school levy from $40,000 to $75,000 of appraised valuation.
- Decreases the privilege tax normal tax rate on banks, trust companies, and savings and loan associations in a multi-year phased approach.
- Establishes a 0% state rate for sales and use taxes on sales of food and food ingredients starting on July 1, 2024.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Taxation (H)
Last Action
House Died in Committee (on 04/30/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://kslegislature.org/li/b2023_24/measures/hb2837/ |
| Fiscal Note - Ficsal Note: As introduced | https://kslegislature.org/li/b2023_24/measures/documents/fisc_note_hb2837_00_0000.pdf |
| BillText | http://kslegislature.org/li/b2023_24/measures/documents/hb2837_00_0000.pdf |
Loading...