KS
Kansas Senate Bill SB56

Kansas 2023-2024 Regular Session

Kansas Senate Bill SB56

Introduced
1/18/23  
Refer
1/19/23  

Caption

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

Impact

The bill's impact on state tax laws is notable as it seeks to provide financial relief to seniors and retired residents who rely on social security as a primary source of income. By raising the qualifying income limits, more individuals may benefit from this tax relief, which can help enhance their financial stability during retirement. This change aligns with broader efforts to make Kansas a more attractive state for retirees, potentially influencing decisions on residency and economic activity within the state.

Summary

Senate Bill 56 aims to amend the existing Kansas tax code with regard to the treatment of social security income for state income tax purposes. Specifically, the bill proposes to increase the income limit required to qualify for a subtraction modification concerning social security income. This adjustment is significant as it would allow more individuals, particularly retirees, to exclude a greater portion of their social security income from state taxation, thus reducing their overall tax burden.

Contention

Despite its intended benefits, the bill has faced scrutiny and opposition. Critics argue that increasing the income limit for tax subtraction could lead to reduced revenue for the state, impacting funding for essential public services. Furthermore, there are concerns that such modifications may disproportionately benefit higher-income individuals, thereby undermining the bill’s intended goal of aiding lower-income retirees. This has sparked debate around the equity and fiscal responsibility of implementing such tax changes.

Companion Bills

No companion bills found.

Previously Filed As

KS HB2107

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

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 SB52

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

KS HB2457

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.

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 HB2136

Providing an income tax subtraction modification for sales of property subject to eminent domain.

KS HB2610

Providing an income tax subtraction modification for sales of property subject to eminent domain.

KS SB169

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.

KS SB377

Substitute for SB 377 by Committee on Assessment and Taxation - Providing an income tax rate of 5.25% for individuals, increasing the income limit for the income tax subtraction modification for social security income, 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 HB2189

Providing an income tax subtraction modification for sales or taking of property subject to eminent domain.

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 SB110

Exempting all social security benefits from Kansas income tax.

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 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 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.

KS SB81

Providing a Kansas income tax subtraction modification for the federal work opportunity tax credit and the employee retention credit disallowances.