KS
Kansas Senate Bill SB52

Kansas 2023-2024 Regular Session

Kansas Senate Bill SB52

Introduced
1/18/23  
Refer
1/19/23  

Caption

Increasing the income limit for the exemption of social security benefits and exempting certain retirement plan income from Kansas income tax.

Impact

If passed, SB52 will amend existing Kansas tax laws to benefit retirees by raising the income threshold at which social security benefits are taxed. Currently, individuals with a federal adjusted gross income over certain limits have their benefits taxed, but this bill would adjust those limits, allowing more retirees qualifying for the subtraction modification. The bill will also provide a subtraction modification for certain retirement plan incomes, potentially allowing individuals to exempt up to $4,000 if married, thereby aligning state tax law more favorably towards senior residents.

Summary

Senate Bill 52 (SB52) proposes changes to Kansas income taxation, specifically addressing the taxation of social security benefits and retirement plan income. The bill seeks to increase the income limit for the subtraction modification related to social security benefits. This change is significant as it would allow a larger number of retirees to exempt a portion of their social security income from state taxes, aiming to enhance financial relief for older residents.

Contention

The proposal has sparked some debate amidst lawmakers, primarily revolving around its fiscal implications for the state. Advocates argue that it represents a necessary step towards providing equitable tax relief to seniors and encouraging them to remain in Kansas during retirement. However, opponents might express concern regarding the potential loss of tax revenue, which could impact public services. The balance between fiscal responsibility and providing substantial support to retirees is likely to be a central theme during discussions surrounding this bill.

Latest KS SB52 Activity

View All Events: KS 2023-2024 Regular Session SB52

Companion Bills

No companion bills found.

Previously Filed As

KS HB2282

Exempting all social security benefits from Kansas income tax.

KS SB110

Exempting all social security benefits from Kansas income tax.

KS SB56

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

KS HB2107

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

KS HB2284

Providing an income tax rate of 5.25% for individuals, exempting all social security benefits from Kansas income tax, increasing the standard deduction by a cost-of-living adjustment, increasing the Kansas personal exemption, decreasing the privilege tax normal tax, establishing a 0% state rate for sales and use taxes for food and food ingredients on April 1, 2024, and increasing the extent of property tax exemption for residential property from the statewide school levy.

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 SB539

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.

KS HB2837

Simplifying income tax rates for individuals, increasing the 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 and establishing a 0% state rate for sales and use taxes for sales of food and food ingredients on July 1, 2024.

KS SB33

Exempting all social security benefits from Kansas income tax, providing income tax subtraction modifications for retirement plan amounts, federal work opportunity tax credit and employee retention credit disallowances and the carryforward of certain net operating losses, increasing the Kansas standard deduction by a cost-of-living adjustment and excluding social security payments from household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased homestead property tax refund claims.

KS SB277

Exempting certain qualified tips from state income tax.

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 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 SB110

Exempting all social security benefits from Kansas income tax.

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 SB56

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

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.