Bill > HB2156

This bill proposes a five-year phase-out of the income tax on corporations in Kansas, meaning that the tax rate will gradually decrease each year until it reaches zero. Specifically, the bill amends K.S.A. 2010 Supp. 79-32,110, which outlines the state's income tax structure. Under the current law, corporations pay a normal tax and a surtax on their "Kansas taxable income," which is the income earned within the state. This bill introduces a schedule for reducing both the normal tax and the surtax, with the normal tax rate decreasing by 0.8% each year from 2011 to 2014, and the surtax rate also decreasing annually until both taxes are eliminated for tax years beginning in 2015. The bill also repeals the existing version of K.S.A. 2010 Supp. 79-32,110, effectively replacing it with these new provisions.