KS
Kansas House Bill HB2064

Kansas 2023-2024 Regular Session

Kansas House Bill HB2064

Introduced
1/18/23  
Refer
1/18/23  

Caption

Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.

Impact

The bill introduces income and privilege tax incentives for eligible employers who contribute to these employee savings accounts, providing a 50% tax credit for initial deposits and a 25% credit for additional employer contributions during taxable years 2024 through 2026. This financial support is expected to assist employers in recruiting and retaining employees while fostering a culture of savings among the workforce. By facilitating these savings accounts, the bill promotes financial literacy and prepares employees for potential financial emergencies.

Summary

House Bill 2064 establishes the Kansas employee emergency savings account (KEESA) program, which is designed to encourage employee savings and enhance financial security, particularly in a difficult labor market. The program allows eligible employers to create savings accounts for their employees, enabling automatic payroll deductions and employer contributions to aid in emergency savings. This initiative aims to mitigate the reliance on high-cost borrowing by encouraging employees to save for unforeseen expenses.

Contention

Opponents of the bill may raise concerns about the implications of tax incentives, arguing that they could lead to inequality among employers who can or cannot participate due to size or resources. Additionally, there may be discussions about the effectiveness of such initiatives in genuinely boosting financial security among employees, particularly if not all employers engage with the program. The measure's long-term efficacy and potential dependence on state tax revenues could also be points of contention among legislators.

Latest HB2064 Activity

Companion Bills

No companion bills found.

Previously Filed As

KS HB2090

Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.

Similar Bills

KS HB2090

Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.

KS SB360

Allowing a taxpayer to elect the taxable year in which a subtraction modification for contributions to a 529 program account, ABLE account or first-time home buyer savings account would be applied and authorizing the state treasurer to appoint a 529 program advisory committee.

KS HB2066

Requiring business entities and public employers to register and use the e-verify program for employment purposes and prohibiting income tax deductions for wages and remuneration paid to unauthorized aliens.

KS SB196

Requiring business entities and public employers to register and use the e-verify program for employment purposes and prohibiting income tax deductions for wages and remuneration paid to unauthorized aliens.

MT SB53

Revise income tax laws to provide conforming changes for prior legislation

KS SB494

Enacting the adoption savings account act, allowing individuals to establish adoption savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications for contributions to such accounts under the Kansas income tax act.

KS HB2757

Enacting the adoption savings account act, allowing individuals to establish adoption savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications for contributions to such accounts under the Kansas income tax act.

KS HB2416

Senate Substitute for HB 2416 by Committee on Assessment and Taxation - Enacting the adoption savings account act, allowing individuals to establish adoption savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications for contributions to such accounts under the Kansas income tax act.