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KS HB2292
Bill
Status
2/5/2025
Primary Sponsor
Commerce, Labor and Economic Development
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AI Summary
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Creates the STAR bonds food sales tax revenue replacement fund to compensate cities and counties with STAR bond districts established before December 31, 2022, for revenue lost due to the state's elimination of sales tax on food and food ingredients
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Requires the Secretary of Revenue to calculate replacement amounts based on what a 6.5% state sales tax rate on food would have generated within each qualifying STAR bond district, with an initial lump sum covering January 2024 through June 2025
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Establishes ongoing monthly transfers from the state general fund to affected cities and counties until their STAR bond principal and interest obligations on bonds issued before December 31, 2022, are fully satisfied
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Extends the sunset date of the STAR bonds financing act from July 1, 2026, to July 1, 2031
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Amends the definition of "tax increment" to add back the equivalent of food sales tax revenue for pre-December 2022 STAR bond districts, while excluding food sales tax from base year calculations for districts established after that date
Legislative Description
Providing for food sales tax revenue replacement for STAR bond districts established prior to December 31, 2022, establishing the STAR bonds food sales tax revenue replacement fund, providing for transfers from the state general fund to such revenue replacement fund and transfers from such revenue replacement fund in the amount of food sales tax revenues lost to the applicable cities or counties and extending the sunset date of the STAR bonds financing act to July 1, 2031.
Last Action
House Referred to Committee on Commerce, Labor and Economic Development
2/5/2025