Tag: Tax Cuts

Kansas is projected to collect $72 million less in tax revenue next year, with total revenue for fiscal year 2025 estimated at $9.73 billion, a 4% decrease from 2024. Despite tax cuts reducing taxes by $1.2 billion, other revenue sources increased slightly. Economic risks remain, including inflation and agricultural challenges.

Governor Laura Kelly and Senator Dennis Pyle collaborated to pass a tax-cut package in Kansas, reducing state taxes by $1.2 billion over three years. The bill eliminates tax on Social Security income, saving seniors $150 million in the first year. The package also includes property tax relief, although Kelly expressed a desire for more property tax cuts. Despite initial disagreements, a bipartisan compromise was reached to establish a two-tier income tax structure.

Governor Laura Kelly and top Republican legislators in Kansas have reached a compromise on tax reform, moving from a three-rate to a two-rate income tax structure. The deal provides significant tax relief while allowing for future state investment. It also includes discussions on economic incentives for sports teams. Details on property tax changes and sales tax on groceries remain undisclosed.

Governor Laura Kelly plans to reconvene the Kansas Legislature for a special session on June 18, 2024, aiming to collaborate on responsible tax cuts. She seeks bipartisan cooperation for comprehensive tax relief without compromising fiscal stability. An official proclamation will be issued to ensure a productive and efficient session for discussions on tax relief.

Kansas Governor Laura Kelly vetoed a bipartisan tax plan, prompting a special legislative session. The governor aims to reach a compromise for responsible tax relief without jeopardizing the state's fiscal stability. The standoff centers on income tax rates, property tax cuts, and tax credits, with both parties seeking an agreement.

by Sherman Smith, Kansas Reflector May 6, 2024 TOPEKA — House Speaker Dan Hawkins on Monday urged Gov. Laura...

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