Allows an itemized deduction for certain wagering losses for individual income tax purposes in Kansas.
This bill amends Kansas tax law to allow an itemized deduction for certain wagering losses for individual income tax purposes. It modifies the Kansas itemized deduction to include 100% of losses from wagering transactions, aligning with federal tax code. The changes apply to tax years commencing on and after January 1, 2020, and ending before January 1, 2025. The bill also allows individuals to elect the Kansas itemized deduction in lieu of the Kansas standard deduction for tax years commencing on and after January 1, 2025.
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