Increasing the income tax credit amount for adoption expenses and making the credit refundable and increasing the income tax credit amount for household and dependent care expenses.
Modifying income tax rates for individuals, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction and the Kansas personal exemption, increasing the income tax credit amount for household and dependent care expenses, decreasing the privilege tax normal tax, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes, increasing the extent of property tax exemption for residential property from the statewide school levy, providing for certain transfers to the state school district finance fund and abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund.
Eliminating the income limit to qualify for the subtraction modification exempting social security benefits, increasing the income tax credit amount for household and dependent care expenses, establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, citing the increased property tax homestead refund claim section as the homeowners' property tax freeze program, decreasing the normal privilege tax rate, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the rate of ad valorem tax imposed by a school district; providing for certain transfers to the state school district finance fund, reducing the state rate of tax on sales of food and food ingredients and modifying the percent credited to the state highway fund from revenue collected.
Increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the normal rate of privilege tax, increasing the household and dependent care expenses income tax credit amount, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction, providing for an annual sales tax holiday for certain sales of school supplies, computers and clothing, providing sales tax exemptions for children's diapers and feminine hygiene products and reducing the state rate of tax on sales of food and food ingredients to 0% on April 1, 2024.
Establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, increasing the tax credit amount for household and dependent care expenses, modifying the definition of household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax claims and citing the section as the homeowners' property tax freeze program, providing a property tax rebate for certain business property operated in competition with property owned or operated by a governmental entity, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value, providing for certain exclusions from the prohibition of paying taxes under protest after a valuation notice appeal and providing four prior years' values on the annual valuation notice.
Simplifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, eliminating the income limit for the income tax subtraction modification exempting social security benefits, establishing a child tax credit, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate and establishing a 0% state rate for sales and use taxes for sales of food and food ingredients on July 1, 2024.
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.
Providing an income tax rate of 4.95% for individuals and decreasing the normal tax for corporations, increasing the income limit for the income tax subtraction modification for social security income and providing that all social security income qualifies for the subtraction modification commencing in tax year 2026, increasing the Kansas standard deduction for individuals and further increasing the standard deduction by a cost-of-living adjustment, discontinuing the food sales tax credit, decreasing the privilege tax surtax, establishing a 0% state rate for sales and use taxes for food and food ingredients on July 1, 2023, and increasing the extent of property tax exemption for residential property from the statewide school levy.
House Substitute for SB 169 by Committee on Taxation - providing an income tax rate of 5.15% for individuals and decreasing the normal tax for corporations, increasing the income limit for the income tax subtraction modification for social security income, increasing the standard deduction by a cost-of-living adjustment, discontinuing the food sales tax credit, decreasing the privilege tax normal tax, establishing a 0% state rate for sales and use taxes for food and food ingredients on January 1, 2024, and increasing the extent of property tax exemption for residential property from the statewide school levy.