Extending the number of years of availability of the income tax credit for contributions to friends of cedar crest association and the Eisenhower foundation.
Repealing or discontinuing certain income tax credit incentives, extending the income tax credit for angel investors and aviation-related employment and providing expanded options in the high performance tax credit program for tax credit transfers.
Extending the time period for eligibility for the loan repayment program and the income tax credit for rural opportunity zones, adding down payment assistance and child care reimbursement as program benefit options and expanding eligibility for the income tax credit.
Extending the number of years that tax credits may be issued or earned for contributions to graduates of aerospace and aviation-related educational programs and employers of program graduates, the tax credits for contributions to the Eisenhower foundation and friends of cedar crest association and the sunset for the angel investor tax credit and providing for a minimum amount of such credits for investments in counties with a population of 50,000 or fewer.
Decreasing individual income tax rates, discontinuing tax credits of the high performance incentive program and the Kansas affordable housing tax credit act, discontinuing payroll withholding tax benefits of the promoting employment across Kansas act, discontinuing the crediting of certain amounts to the job creation program fund and repealing certain tax credits.
Providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, deductions from income when using the single sales factor and receipts factor, the decrease in corporate income tax rates determining when sales other than tangible personal property are made in the state and excluding sales of a unitary business group of electric and natural gas public utilities.
Providing an additional personal exemption for head of household tax filers and increasing the personal exemption for certain disabled veterans for purposes of income tax, modifying the definition of household income related to increased property tax homestead refund claims, providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, providing for the apportionment pursuant to the three-factor test of a manufacturer who sells alcoholic liquor, requiring the use of single sales factor pursuant to the multistate tax compact, establishing deductions from income when using the single sales factor and receipts factor, providing for the decrease in corporate income tax rates, determining when sales other than tangible personal property are made in the state, excluding sales of a unitary business group of electric and natural gas public utilities, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.
Providing that future personal and corporate income tax rate and privilege tax rate decreases be contingent on exceeding tax receipt revenues.
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.
Extending the sunset for the angel investor tax credit to 2031.