Kansas 2023-2024 Regular Session

Kansas Senate Bill SB300 Compare Versions

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1	1	Session of 2023
2	2	SENATE BILL No. 300
3	3	By Committee on Assessment and Taxation
4	4	3-7
5	5	AN ACT concerning privilege tax; relating to rates; decreasing the
6	6	privilege tax rates on banks, trust companies and savings and loan
7	7	associations by reducing the normal tax rates; amending K.S.A. 79-
8	8	1107 and 79-1108 and repealing the existing sections.
9	9	Be it enacted by the Legislature of the State of Kansas:
10	10	Section 1. K.S.A. 79-1107 is hereby amended to read as follows: 79-
11	11	1107. Every national banking association and state bank located or doing
12	12	business within the state shall pay to the state for the privilege of doing
13	13	business within the state a tax according to or measured by its net income
14	14	for the next preceding taxable year to be computed as provided in this act.
15	15	Such tax shall consist of a normal tax and a surtax and shall be computed
16	16	as follows:
17	17	(a) (1) For tax year 2023, the normal tax shall be an amount equal to
18	18	2
19	19	1
20	20	/4% of such net income;
21	21	(2) for tax year 2024, the normal tax shall be an amount equal to
22	22	1.94% of such net income; and
23	23	(3) for tax year 2025, and all tax years thereafter, the normal tax
24	24	shall be an amount equal to 1.63% of such net income; and
25	25	(b) the surtax shall be an amount equal to 2
26	26	1
27	27	/8% of such net income
28	28	in excess of $25,000.
29	29	The tax levied shall be in lieu of ad valorem taxes which might
30	30	otherwise be imposed by the state or political subdivisions thereof upon
31	31	shares of capital stock or the intangible assets of national banking
32	32	associations and state banks.
33	33	Sec. 2. K.S.A. 79-1108 is hereby amended to read as follows: 79-
34	34	1108. Every trust company and savings and loan association located or
35	35	doing business within the state shall pay to the state for the privilege of
36	36	doing business within the state a tax according to or measured by its net
37	37	income for the next preceding taxable year to be computed as provided in
38	38	this act. Such tax shall consist of a normal tax and a surtax and shall be
39	39	computed as follows:
40	40	(a) (1) For tax year 2023, the normal tax on every trust company and
41	41	savings and loan association shall be an amount equal to 2
42	42	1
43	43	/4% of such net
44	44	income;
45	45	(2) for tax year 2024, the normal tax shall be an amount equal to
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81	81	36 SB 300 2
82	82	1.93% of such net income; and
83	83	(3) for tax year 2025, and all tax years thereafter, the normal tax
84	84	shall be an amount equal to 1.61% of such net income; and
85	85	(b) the surtax on every trust company and savings and loan
86	86	association shall be an amount equal to 2
87	87	1
88	88	/4% of such net income in excess
89	89	of $25,000.
90	90	The tax levied shall be in lieu of ad valorem taxes which might
91	91	otherwise be imposed by the state or political subdivision thereof upon
92	92	shares of capital stock or other intangible assets of trust companies and
93	93	savings and loan associations.
94	94	Sec. 3. K.S.A. 79-1107 and 79-1108 are hereby repealed.
95	95	Sec. 4. This act shall take effect and be in force from and after its
96	96	publication in the statute book.
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