Providing for different credit percentages for the tax credit for expenditures for the restoration and preservation of historic structures based on city populations and the amount of the expenditures.
Eliminating certain tax credits, exemptions, incentives, refunds and limitations, a transitional adjustment, a checkoff and a restoration program administered by the secretary that have expired or are no longer applicable.
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.
Expanding the use of bond proceeds under the Kansas rural housing incentive district act, the transferability of income, privilege and premium tax credits issued under the Kansas housing investor tax credit act and enacting the Kansas urban housing incentive district act.
Expanding the use of bond proceeds under the Kansas reinvestment housing incentive district act and the transferability of income, privilege and premium tax credits issued under the Kansas housing investor tax credit act.
Limiting and discontinuing the Kansas affordable housing tax credit and expanding transferability of Kansas housing investor 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.
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.
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.
Providing for transferability of Kansas housing investor tax credits from the year that the credit was issued.