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KS SB268
Bill
Status
2/13/2025
Primary Sponsor
Assessment and Taxation
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AI Summary
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Clarifies that business interest expenses disallowed under federal IRC Section 163(j) can be subtracted from Kansas adjusted gross income in the year paid or accrued, and must be added back if later deducted federally through carryforward provisions
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Allows individual taxpayers who carried back federal net operating losses from 2018-2020 under the CARES Act to subtract those amounts from Kansas adjusted gross income, with unused amounts carried forward up to 20 years
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Establishes April 15, 2025 deadline for filing refund claims or amended returns related to the CARES Act net operating loss carryback provisions for tax years 2018, 2019, and 2020
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Corrects a technical statutory cross-reference in the adoption savings account statute (K.S.A. 38-2504) regarding recapture of withdrawn funds added to Kansas adjusted gross income
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Amends K.S.A. 2024 Supp. 38-2504 and 79-32,117, taking effect upon publication in the statute book
Legislative Description
Clarifying modifications for certain business interest expenses and federal net operating loss carrybacks and providing a technical change to a statutory cross reference for recaptured moneys related to adoption savings accounts for purposes of Kansas income tax.
Last Action
Senate Hearing: Friday, March 13, 2026, 9:30 AM Room 548-S
3/13/2026