Tag: Income Tax

Governor Laura Kelly announced that June's total tax collections were $1.03 billion, which is $24.1 million (2.4%) over the estimate. Individual income tax collections were $452.4 million, 22.3% more than estimated. Corporate income tax collections were $193.1 million, 21.8% less than estimated. Combined retail sales and compensating use tax receipts were $292.1 million.

Gov. Laura Kelly rejected tax cuts, fearing long-term financial instability from a $520 million annual revenue loss. She proposed a $433 million alternative for sales, property, and income tax relief. Lawmakers plan to override her veto, but Kelly aims to prevent a return to financial mismanagement. She also vetoed a bill for sales tax reductions.

The Kansas Legislature passed a three-year, $1.57 billion tax alternative after rejecting a $1.4 billion bill. The new plan promises tax cuts for all Kansans, reducing property, sales, and income taxes. However, it exceeds the governor's budget, and some fear it could lead to future deficits. The plan also includes changes to income tax brackets and deductions.

The Kansas House voted to send a $1.4 billion tax cut package back for negotiations, defying Gov. Kelly's guidance and Speaker Hawkins. The Senate lauded the compromise bill as delivering tax relief to Kansans. The legislature faced pressure to use a $4 billion surplus to reduce taxes, with debates centered on income, property, and sales taxes.

Six legislators from Kansas are deliberating on tax relief using the state's significant revenue surplus. With the goal of avoiding a veto, negotiators aim to reconcile tax packages and provisions from previous sessions. Their decisions will impact potential $300-600 million annual tax relief for constituents, with pressure to secure a majority in the upcoming elections.

by Tim Carpenter, Kansas Reflector July 20, 2022 TOPEKA — The Kansas Legislature’s auditing agency reported Wednesday the state was...