KS
Kansas House Bill HB2197

Kansas 2023-2024 Regular Session

Kansas House Bill HB2197

Introduced
1/26/23  
Refer
1/26/23  
Report Pass
2/16/23  
Engrossed
2/23/23  
Refer
3/2/23  
Report Pass
3/16/23  
Enrolled
3/28/23  

Caption

Providing a procedure for the distribution of a first-time home buyer savings account balance upon the death of an account holder, changing the term "transfer on death" to "payable on death" and resolving a conflict when beneficiaries differ on a financial institution's account records and tax forms required by the secretary of revenue.

Impact

The bill is set to revise Kansas laws related to first-time home buyer savings accounts, establishing specific maximum contribution limits and durations for moneys held in these accounts. For instance, it allows a maximum contribution of $3,000 per tax year for individuals and $6,000 for married couples, with total account limits capping at $50,000. Additionally, the bill ensures that any interest earned exceeds these limits will be subject to income tax, modifying the financial landscape for individuals saving for home purchases, potentially affecting their saving strategies.

Summary

House Bill 2197 addresses the management of first-time home buyer savings accounts in Kansas. It introduces new procedures for how these accounts interact with beneficiaries, specifically defining the term 'payable on death' instead of 'transfer on death' for handling account balances upon the death of the account holder. It clarifies the operational responsibilities of financial institutions regarding these accounts in terms of tracking and reporting, particularly identifying conflicts when beneficiaries differ on institution records versus tax documents. This aims to provide greater clarity and reliability in the management of such accounts.

Contention

Discussions surrounding HB 2197 could involve concerns about the implications of these changes, particularly regarding estate planning and taxes. There may be opposition from stakeholders who feel the new guidelines could complicate the process for account holders and beneficiaries, especially in cases involving deceased account holders or disputes over account management. The emphasis on financial institutions not being liable for tracking and reporting might create an environment where account holders face complications, raising questions about consumer protection and transparency.

Companion Bills

No companion bills found.

Previously Filed As

KS HB225

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

KS HB2224

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

KS SB295

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

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 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 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.

KS S2089

Relative to first-time home buyers savings accounts

KS SB25

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

KS HB818

Providing for the establishment of first-time homebuyer savings accounts for first-time homebuyers in this Commonwealth; establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Fund; and imposing duties on the Treasury Department.

KS HB3301

First Time Home Buyers Savings Account Act

Similar Bills

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.

MO SB247

Modifies provisions relating to taxation

MT SB53

Revise income tax laws to provide conforming changes for prior legislation

KS SB268

Clarifying modifications for certain business interest expenses and federal net operating loss carrybacks and providing a technical change to a statutory cross reference for recaptured moneys related to adoption savings accounts for purposes of Kansas income tax.

KS SB306

Including losses from investments in technology-enabled fiduciary financial institutions in Kansas adjusted gross income for income tax purposes.

KS SB110

Exempting all social security benefits from Kansas income tax.