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KS HB2090
Bill
Status
1/23/2025
Primary Sponsor
Mari-Lynn Poskin
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AI Summary
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Establishes the Kansas Employee Emergency Savings Account (KEESA) program for tax years 2025-2027, allowing employers with 250 or fewer employees to set up emergency savings accounts for workers with automatic payroll deductions
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Requires participating employers to make an initial deposit of at least $50 per employee account and maintain accounts at federally insured financial institutions with online/mobile banking access
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Provides employers a tax credit of 50% on initial deposits (capped at $50 per account) and 25% on additional matching contributions (capped at $325 per employee per year), with unused credits carrying forward up to two years
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Allows employees to subtract up to $1,500 ($3,000 for married couples filing jointly) of their payroll-deducted deposits from Kansas adjusted gross income
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Requires employers to provide a mobile app with financial literacy tools covering emergency savings, goal-setting, and budgeting, plus annual statements to employees by January 31
Legislative Description
Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.
Last Action
House Hearing: Friday, February 28, 2025, 1:30 PM Room 346-S - CANCELED
2/28/2025