KS
Kansas House Bill HB2508

Kansas 2023-2024 Regular Session

Kansas House Bill HB2508

Introduced
1/16/24  
Refer
1/16/24  

Caption

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.

Impact

The implications of HB 2508 are multifaceted, primarily affecting the fiscal landscape for local governments and taxpayers. By instituting a rebate system, the bill aims to alleviate some of the financial pressure on residents due to property taxes while ensuring that local governments have a stable source of funding from state allocations. Additionally, the bill creates a new formula for calculating the rebate amounts, which requires political subdivisions to remain accountable for budgeting accurately and transparently.

Summary

House Bill 2508 introduces significant changes to the funding and distribution mechanisms of the local ad valorem tax reduction fund in Kansas. The bill authorizes a transfer of state general fund moneys to the local ad valorem tax reduction fund starting in fiscal year 2025, providing a structured approach to financial resources for local governments. This legislation mandates that all moneys received from this fund by political subdivisions be credited to residential property taxpayers in the form of a rebate, thereby enhancing support for homeowners in managing their property tax burdens.

Contention

Despite its intentions, the bill may be met with contention regarding its long-term effects on local revenue generation and autonomy. Critics could argue that reliance on state funds as specified in HB 2508 might undermine local governments' capacity to manage their finances independently. There are concerns that this act could limit the flexibility local entities have in addressing specific community needs or adapting to economic changes, as a uniform rebate formula may not reflect local economic conditions adequately.

Latest HB2508 Activity

Companion Bills

No companion bills found.

Previously Filed As

KS SB332

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.

KS SB309

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.

KS SB94

Discontinuing state property tax levies for the Kansas educational building fund and the state institutions building fund and providing for financing therefor from the state general fund.

KS HB2815

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.

KS HB2036

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.

KS SB37

House Substitute for SB 37 by Committee on Financial Institutions and Pensions - 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.

KS SB300

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.

KS SB1

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, increasing the income tax credit amount for household and dependent care expenses, decreasing the privilege tax normal tax, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes, increasing the extent of property tax exemption for residential property from the statewide school levy, providing for certain transfers to the state school district finance fund and abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund.

KS HB2844

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.

KS HB2302

Senate Substitute for HB 2302 by Committee on Agriculture and Natural Resources - Making appropriations for the state treasurer for fiscal year 2023 and fiscal year 2024, providing for a transfer of moneys from the state general fund to the state water plan fund for fiscal year 2024, establishing the water technical assistance fund and the water projects grant fund for water-related infrastructure projects.

Similar Bills

KS HB2815

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.

KS SB332

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.

CA SB583

Salton Sea Conservancy.

AL SB242

Innovation Districts; establishment of by counties and municipalities as public corporation authorized; provide for the powers of innovation districts

AL HB349

Innovation Districts; establishment of by counties and municipalities as public corporation authorized; provide for the powers of innovation districts.

CA SB692

South Fork Irrigation District.

KS HB2036

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.

KS SB37

House Substitute for SB 37 by Committee on Financial Institutions and Pensions - 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.