4.6.24 – TOPEKA, Kan. (KCTV)
The Kansas Senate worked late into the night on the last day of the session to pass a handful of legislation, including its fourth compromise on a tax reform bill.
Late Friday night, April 5, the leaders in the Kansas Legislature say the Senate passed a compromise tax plan to provide every Kansan with relief and to put the state on a path of economic growth.
“This bill simplifies the tax code with meaningful rate reductions and substantial help to those who need it the most, including a full repeal of the tax on social security,” Sen. President Ty Masterson (R-Andover) said.” It puts us firmly on the path towards a better structure which is critical for economic growth. The success of tonight’s vote means that once again, Kansans are just one signature away from the tax relief they’ve been asking for.”
Senators noted that Friday’s vote marked the fourth time in the 2024 session that the Senate has passed a tax relief bill to show their commitment to taxpayers. The passing bill, House Bill 2036, includes a 2-rate structure with rates at 5.55% and 5.15%. A giant personal exemption is also included that would benefit those in lower income brackets.
“This is a true compromise that completes the goal of eliminating the tax on social security and reducing property taxes while lowering income tax rates into a simpler 2-rate structure that provides large exemptions to help families,” said chair of the Senate Taxation Committee, Sen. Caryn Tyson (R-Parker). “It took a tremendous amount of work by many to get here, and I hope the governor will sign the bill when it reaches her desk.”
Leaders indicated that HB 2036 also eliminates income tax on social security, provides property tax relief and accelerates the complete elimination of the state sales tax on food to July 1.
To read the full text of the legislation, click HERE.