Including homestead renters as eligible to participate in certain homestead property tax refund claims.
Impact
The primary impact of HB2636 is the inclusion of those who rent their homes in the property tax refund eligibility, thereby alleviating some financial burdens on low-income renters. This is particularly beneficial for elderly individuals, persons with disabilities, and families with dependent children, who may struggle to afford housing costs. By expanding the criteria for property tax refunds, the bill is expected to impact the economic landscape by injecting additional funds into households that need it most, allowing for greater disposable income within the community.
Summary
House Bill 2636, introduced in the 2024 legislative session, aims to amend the existing Homestead Property Tax Refund Act in the state of Kansas. The legislation seeks to expand eligibility to include renters of homesteads for property tax refunds, a move that aligns with ongoing efforts to make housing more affordable and equitable across the state. This significant change encourages a broader range of households to benefit from tax relief schemes that were previously limited to homeowners. The bill amends various statutes, including K.S.A. 79-4501, to redefine who qualifies for these financial aids.
Contention
Notably, the bill may face scrutiny regarding the funding required for these expanded benefits, which could pressure existing state resources. Concerns from opposition groups could arise around the sustainability of increased claims, particularly if not managed effectively. Additionally, there may be discussions regarding the threshold for what constitutes 'homestead' and the type of verification required for renters, as this could lead to administrative challenges and disputes. Legislators will need to address these concerns to ensure that the bill effectively meets its objectives without overextending financial commitments.
Excluding social security payments from household income and expanding eligibility related to increased property tax homestead property tax refund claims.
Excluding social security payments from household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax homestead claims and citing the section as the golden years homestead property tax freeze program.
Excluding social security payments from household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax homestead claims.
Excluding social security payments from household income and increasing the household income and appraised value thresholds for eligibility of seniors and disabled veterans related to increased property tax homestead claims.
House Substitute for SB 300 by Committee on Taxation - Modifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund, providing for certain transfers to the special city and county highway fund and decreasing the rate of ad valorem tax imposed by a school district.
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.
House Substitute for SB 300 by Committee on Taxation - Modifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund, providing for certain transfers to the special city and county highway fund and decreasing the rate of ad valorem tax imposed by a school district.
Excluding social security payments from household income and expanding eligibility related to increased property tax homestead property tax refund claims.
Individual income tax: income; certain references in the income tax act; make gender neutral. Amends secs. 311, 504 & 522 of 1967 PA 281 (MCL 206.311 et seq.). TIE BAR WITH: HJR F'23