KS
Kansas House Bill HB2433

Kansas 2023-2024 Regular Session

Kansas House Bill HB2433

Introduced
2/21/23  
Refer
2/21/23  

Caption

Allowing a taxpayer to elect the taxable year in which a subtraction modification for contributions to a qualified tuition program would be applied.

Impact

The bill's implementation would modify the existing tax regulations, particularly in how the Kansas adjusted gross income is calculated. By enabling taxpayers to decide which year to apply the subtraction modification, it enhances taxpayer autonomy and could potentially increase participation in education savings programs. The adjustment reflects a recognition of the economic pressures families face when financing education and aims to provide relief through tax savings.

Summary

House Bill 2433 amends the income taxation laws in Kansas regarding the determination of adjusted gross income for taxpayers. Specifically, the bill allows taxpayers to elect the taxable year in which they wish to apply a subtraction modification for contributions made to a qualified tuition program. This change aims to provide additional flexibility to taxpayers contributing to such programs by allowing them to choose the most advantageous tax year for claiming deductions.

Contention

However, discussions surrounding HB 2433 may highlight concerns regarding the potential impact on state revenue. Opponents might argue that by allowing such modifications, the state may see changes in its income tax revenue, especially in the years where more individuals claim the subtraction, impacting funding for public services. Additionally, discussions may arise about how this change could create disparities in tax benefits, favoring those who are financially able to contribute to tuition programs.

Additional_notes

The bill reflects a broader trend in taxation policy towards accommodating educational expenses and enhancing fiscal incentives for families investing in higher education. Its final outcome will depend on legislative priorities regarding tax reform and education funding.

Companion Bills

No companion bills found.

Previously Filed As

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 HB2059

Providing a Kansas income tax subtraction modification for certain amounts paid by the taxpayer during the taxable year as a member of a health care sharing ministry.

KS HB2109

Increasing the income limit for the income tax subtraction modification for social security income and providing that all social security benefits qualify for the subtraction modification commencing in tax year 2026.

KS HB2107

Increasing the income limit to qualify for the income tax subtraction modification for social security income.

KS HB2136

Providing an income tax subtraction modification for sales of property subject to eminent domain.

KS HB2610

Providing an income tax subtraction modification for sales of property subject to eminent domain.

KS SB56

Increasing the income limit for the income tax subtraction modification for social security income.

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 HB2189

Providing an income tax subtraction modification for sales or taking of property subject to eminent domain.

Similar Bills

KS SB126

Providing an individual income tax credit for certain residential solar and wind energy property expenditures, a subtraction modification to permit the carryforward of certain net operating losses for individuals and a subtraction modification for the federal work opportunity tax credit and the employee retention credit disallowances.

KS HB2109

Increasing the income limit for the income tax subtraction modification for social security income and providing that all social security benefits qualify for the subtraction modification commencing in tax year 2026.

KS SB110

Exempting all social security benefits from Kansas income tax.

KS SB40

Permitting the carryforward of certain net operating losses for individuals for Kansas income tax purposes and excluding social security payments from household income and increasing the appraised value and household income thresholds for eligibility of seniors and disabled veterans related to increased property tax homestead claims.

KS HB2107

Increasing the income limit to qualify for the income tax subtraction modification for social security income.

KS SB306

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

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 SB56

Increasing the income limit for the income tax subtraction modification for social security income.