Senate Substitute for HB 2026 by Committee on Assessment and Taxation - Requiring political subdivisions to adopt a budget that remains at or below revenue neutral and use funds to reduce property tax in order to receive local ad valorem tax reduction fund (LAVTRF) distributions, providing for one annual transfer to the fund, eliminating the county and city revenue sharing fund and discontinuing certain transfers to the special city and county highway fund.
Providing for the distribution of local ad valorem tax reduction fund (LAVTRF) moneys from the state to residential property taxpayers in the form of rebates.
Authorizing a transfer of state general fund moneys to the local ad valorem tax reduction fund in fiscal year 2025 and all fiscal years thereafter, requiring political subdivisions to credit all such moneys to residential property taxpayers in the form of a rebate and providing a formula for such rebate amount.
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.
Reinstating transfers to the local ad valorem tax reduction fund (LAVTRF).
Creating the fixing instant revenue shock for taxpayers fund and the local extraordinary needs fund, establishing the joint committee on local extraordinary needs grants and abolishing the local ad valorem tax reduction fund.
Abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund, discontinuing certain transfers to the special city and county highway fund and decreasing rate of ad valorem tax imposed by a school district.
Senate Substitute for HB 2036 by Committee on Assessment and Taxation - 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, decreasing the privilege tax normal tax, establishing a 0% state rate for sales and use taxes for food and food ingredients on July 1, 2024, and modifying the percent credited to the state highway fund, 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, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund and providing for certain transfers to the state school district finance fund.
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 and decreasing the rate of ad valorem tax imposed by a school district.
Requiring certain libraries that have budgets approved by taxing subdivisions to be subject to the revenue neutral rate independent of the taxing subdivision.