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KS SB269
Bill
Status
4/10/2025
Primary Sponsor
Assessment and Taxation
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AI Summary
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Future income and privilege tax rate reductions are contingent on two conditions: adjusted general revenue fund collections exceeding inflation-adjusted base year revenues, and the budget stabilization fund containing at least 15% of prior fiscal year state tax receipts
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The Director of the Budget must make annual determinations starting August 15, 2025, using fiscal year 2024 base revenues of $5,969,395,529 adjusted for inflation via the Consumer Price Index
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Individual income tax rates (currently 5.2% and 5.58%) would decrease proportionally until reaching a floor of 4%, with corporate surtax rates also reduced until combined rates reach 4%
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Financial institution privilege tax rates would decrease until combined normal and surtax rates reach 2.6% for banks and 2.62% for trust companies and savings and loan associations
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Rate reductions, once implemented, remain permanent unless further reduced through the same certification process in subsequent years
Legislative Description
Providing that future income tax and privilege tax rate decreases be contingent on exceeding revenue estimates and retaining a certain amount in the budget stabilization fund.
Last Action
House Motion to override veto prevailed; Yea: 87 Nay: 37
4/10/2025