Extending the number of years of availability of the income tax credit for contributions to friends of cedar crest association and the Eisenhower foundation.
Reducing penalties for the late filing of or the failure to file statements listing personal property for assessment and the discovery of escaped personal property and reporting changes after initial statement, allowing for filing of an appraisal by a certified residential real property appraiser for appeal purposes, accounting for adverse influences in the valuation of agricultural land, including properties used for registered agritourism activities as land devoted to agricultural use for purposes of classification, providing a property tax exemption for new electric generation facilities, additions and new pollution control devices and discontinuing certain current property tax exemptions, providing that county clerks are not required to send revenue neutral rate notices to property owners of exempt property, modifying and prescribing the contents of the revenue neutral rate hearing notice, permitting a tax levy that generates the same amount of revenue as the previous year when the final assessed valuation decreases compared to the estimated assessed valuation, requiring that the governing body's vote be conducted on the same day as the commencement of the public hearing, extending reimbursement from the taxpayer notification costs fund for printing and postage costs for calendar year 2024, providing income tax subtraction modifications for certain federal credit disallowances and the employee retention credit disallowance and to permit the carryforward of certain net operating losses, clarifying the disallowed business interest expense deduction, extending the time period for the single city port authority tax credit, decreasing penalties for failing to timely remit withholding income taxes of employees by employers, clarifying the determination of taxable income of an electing pass-through entity and providing for the passing through of tax credits to electing pass-through entity owners relating to the salt parity act, providing countywide retailers' sales tax authority for Rawlins, Marshall and Neosho counties and authorizing teleconference or video conference hearings in the small claims and expedited hearings division of the state board of tax appeals.
Senate Substitute for HB 2201 by Committee on Assessment and Taxation - Decreasing the corporate income tax rate and eliminating certain unused tax credits.
Decreasing the corporate income tax rate, discontinuing tax credits of the high performance incentive program and payroll withholding tax benefits of the promoting employment across Kansas act and repealing certain unused tax credits.
Providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, deductions from income when using the single sales factor and receipts factor and the decrease in corporate income tax rates.
Providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, deductions from income when using the single sales factor and receipts factor, the decrease in corporate income tax rates determining when sales other than tangible personal property are made in the state and excluding sales of a unitary business group of electric and natural gas public utilities.
Decreasing individual income tax rates, discontinuing tax credits of the high performance incentive program and the Kansas affordable housing tax credit act, discontinuing payroll withholding tax benefits of the promoting employment across Kansas act, discontinuing the crediting of certain amounts to the job creation program fund and repealing certain tax credits.
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 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.
Providing an additional personal exemption for head of household tax filers and increasing the personal exemption for certain disabled veterans for purposes of income tax, modifying the definition of household income related to increased property tax homestead refund claims, providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, providing for the apportionment pursuant to the three-factor test of a manufacturer who sells alcoholic liquor, requiring the use of single sales factor pursuant to the multistate tax compact, establishing deductions from income when using the single sales factor and receipts factor, providing for the decrease in corporate income tax rates, determining when sales other than tangible personal property are made in the state, excluding sales of a unitary business group of electric and natural gas public utilities, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.