Bill
Bill > HB2231
KS HB2231
KS HB2231Providing an additional personal exemption for head of household tax filers and increasing the personal exemption for certain disabled veterans for purposes of income tax, modifying the definition of household income related to increased property tax homestead refund claims, providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, providing for the apportionment pursuant to the three-factor test of
summary
Introduced
02/04/2025
02/04/2025
In Committee
03/13/2025
03/13/2025
Crossed Over
02/26/2025
02/26/2025
Passed
04/11/2025
04/11/2025
Dead
Signed/Enacted/Adopted
04/11/2025
04/11/2025
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT concerning income taxation; relating to personal exemptions; providing an additional personal exemption for head of household tax filers; increasing the personal exemption for certain disabled veterans; relating to homestead property tax refund claims; modifying the definition of household income; relating to income and privilege taxes; providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor; providing for the apportionment pursuant to the three-factor test of a manufacturer who sells alcoholic liquor; requiring the use of single sales factor pursuant to the multistate tax compact; establishing deductions from income when using the single sales factor and receipts factor; providing for the decrease in corporate income tax rates; determining when sales other than tangible personal property are made in the state; excluding sales of a unitary business group of electric and natural gas public utilities; relating to property taxation; providing exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers; amending K.S.A. 79-213, 79-1129, 79-3279, 79-3287, 79-4301 and 79-5501 and K.S.A. 2024 Supp. 79-32,110, 79- 32,113, 79-32,121 and 79-4508a and repealing the existing sections.
AI Summary
This bill comprehensively addresses various tax and property taxation provisions in Kansas, making several key changes. The bill provides an additional personal exemption of $2,320 for head of household tax filers for tax year 2024 and beyond, and increases the personal exemption for certain disabled veterans from $2,250 to $2,320 starting in tax year 2025. For property taxation, the bill exempts various types of personal property from ad valorem taxes, including off-road vehicles, motorized bicycles, trailers with a gross weight of 15,000 pounds or less used for personal use, and marine equipment. The bill also modifies how businesses apportion income, transitioning to a single sales factor method for most businesses by tax year 2027, and introduces a complex deferred tax impact deduction for publicly traded companies. Additionally, the bill changes how watercraft are taxed, completely exempting them from property taxes starting January 1, 2026. The legislation also adjusts corporate income tax rates and makes several technical changes to tax law administration, reflecting ongoing efforts to simplify and potentially reduce tax burdens for certain entities and individuals in Kansas.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Taxation (House)
Last Action
House Approved by Governor on Thursday, April 24, 2025 (on 04/11/2025)
Official Document
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