Kansas 2023-2024 Regular Session

Kansas House Bill HB2508

Introduced
1/16/24  
Refer
1/16/24  

Caption

Authorizing a transfer of state general fund moneys to the local ad valorem tax reduction fund in fiscal year 2025 and all fiscal years thereafter, requiring political subdivisions to credit all such moneys to residential property taxpayers in the form of a rebate and providing a formula for such rebate amount.

Impact

The implications of HB 2508 are multifaceted, primarily affecting the fiscal landscape for local governments and taxpayers. By instituting a rebate system, the bill aims to alleviate some of the financial pressure on residents due to property taxes while ensuring that local governments have a stable source of funding from state allocations. Additionally, the bill creates a new formula for calculating the rebate amounts, which requires political subdivisions to remain accountable for budgeting accurately and transparently.

Summary

House Bill 2508 introduces significant changes to the funding and distribution mechanisms of the local ad valorem tax reduction fund in Kansas. The bill authorizes a transfer of state general fund moneys to the local ad valorem tax reduction fund starting in fiscal year 2025, providing a structured approach to financial resources for local governments. This legislation mandates that all moneys received from this fund by political subdivisions be credited to residential property taxpayers in the form of a rebate, thereby enhancing support for homeowners in managing their property tax burdens.

Contention

Despite its intentions, the bill may be met with contention regarding its long-term effects on local revenue generation and autonomy. Critics could argue that reliance on state funds as specified in HB 2508 might undermine local governments' capacity to manage their finances independently. There are concerns that this act could limit the flexibility local entities have in addressing specific community needs or adapting to economic changes, as a uniform rebate formula may not reflect local economic conditions adequately.

Companion Bills

No companion bills found.

Previously Filed As

KS SB1

Modifying income tax rates for individuals, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction and the Kansas personal exemption, increasing the income tax credit amount for household and dependent care expenses, decreasing the privilege tax normal tax, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes, increasing the extent of property tax exemption for residential property from the statewide school levy, providing for certain transfers to the state school district finance fund and abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund.

KS H8137

Creates a publicly funded program for uninsured individuals requiring on an appropriation of $53,200,000 for fiscal year 2027 and an appropriation of 109,600,000 for fiscal year 2028 and every fiscal year thereafter.

KS S2811

Creates a publicly funded program for uninsured individuals requiring on an appropriation of $53,200,000 for fiscal year 2027 and an appropriation of 109,600,000 for fiscal year 2028 and every fiscal year thereafter.

KS SB488

Enacting the Kansas property tax freedom act of 2026, providing for the phased elimination of property taxation and for revenue replacement grants to taxing subdivisions, establishing the Kansas fair share purchase surcharge and providing such revenue to taxing subdivisions, the state general fund and the new property tax freedom reserve fund and providing for freedom dividend rebates.

KS HB2513

Making and concerning supplemental appropriations for fiscal year 2026 and appropriations for fiscal years 2027, 2028, 2029 and 2030 for various state agencies, authorizing certain capital improvement projects and fees, authorizing certain transfers.

KS HB2558

Increasing the amount of moneys transferred from the state general fund to the state water plan fund and from the state water plan fund to the water technical assistance fund and the water project grant fund.

KS SB125

Making and concerning supplemental appropriations for fiscal year 2025 and appropriations for fiscal years 2026 and 2027 for various state agencies, authorizing certain capital improvement projects and fees, authorizing certain transfers authorizing the payment of certain claims against the state.

KS HB261401

Concerning transfers of money from the unclaimed property trust fund, and, in connection therewith, transferring money from the unclaimed property trust fund to the housing development grant fund and the general fund in state fiscal year 202...

KS HB2063

Establishing various conservation funds, allocating state moneys for conservation, requiring reports to the governor and legislature, and authorizing fund transfers and providing for the use of such funds by the Kansas department of agriculture and the Kansas department of wildlife and parks.

KS H0968

Relates to the appropriation and transfer of moneys in the state treasury for fiscal years 2026 and 2027.

Similar Bills

No similar bills found.