(Mar. 15, 2024) – Late last night, the Senate took votes on several tax bills before them, including the following:
House Bill 2465 clarifies the determination of taxable income and provides for the passing through of tax credits to electing pass-through entity owners for purposes of the Salt Parity Act.
The bill passed the Senate on a vote of 38-2.
Substitute for Senate Bill 60 by Committee on Assessment and Taxation – provides sales tax exemptions for custom meat processing services, purchases for the construction or repair of buildings used for human habitation by the Kansas State School for the Blind and the Kansas State School for the Deaf, certain purchases and sales by the Johnson County Christmas Bureau Association and certain purchases by Doorstep, Inc.
Substitute for House Bill 2036, provides a sales tax exemption for certain purchases by disabled veterans. Passed on a vote of 38-2.
Senate Bill 484 provides property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers. Passed on a vote of 29-11.
Senate Bill 480 authorizes teleconference or video conference hearings in the small claims and expedited hearings division of the state board of tax appeals. Passed on a vote of 39-1.
Senate Bill 311 excludes Internal Revenue Code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes. Passed on a vote of 21-19.
Senate Bill 498 establishes a tax credit for contributions to eligible charitable organizations operating pregnancy centers or residential maternity facilities and establishes a child tax credit, increases the tax credit amount for adoption expenses and makes the credit refundable, and provides a sales tax exemption for pregnancy resource centers and residential maternity facilities. Passed on a vote of 28-12.
Senate Bill 482 provides that county clerks are not required to send revenue-neutral rate notices to property owners of exempt property. Passed on a vote of 32-8.
Senate Bill 539 simplifies income tax rates for individuals, increases the standard deduction and the Kansas personal exemption, increases the income limit for an income tax subtraction modification for social security income, increases the extent of property tax exemption for residential property from the statewide school levy, decreases the privilege tax normal tax rate and establishes a 0 percent state rate for sales and use taxes for sales of food and food ingredients on July 1, 2024. Passed on a vote of 29-11 with two Senators suggesting they may not vote to sustain a veto override should that occur.