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SB259: Providing that future personal and corporate income tax rate and privilege tax rate decreases be contingent on exceeding tax receipt revenues.
In CommitteeSenate
Introduced
In Committee
Passed Chamber
Passed Both
Signed
Plain-Language Summary
This bill proposes that future decreases in personal and corporate income tax rates be linked to exceeding tax revenue targets. If tax revenues don't meet or exceed certain levels, the rate reductions wouldn't happen.
Who This Affects
Kansas residents who pay personal and corporate income taxes would be affected by this change. This could impact individuals' take-home pay and businesses' bottom lines.
Key Provisions
• Future tax rate decreases for individuals and corporations would depend on exceeding tax revenue targets
• Tax revenues must meet or exceed certain levels before rate reductions can occur
• The bill applies to both personal and corporate income taxes, as well as privilege taxes
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Timeline
Introduced
Monday, February 10, 2025
Last Action
House Referred to Committee on Taxation
Mar 23, 2025
Sponsors
No sponsors listed.
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