Kansas HB2318 ties future income and privilege tax rate decreases to exceeding tax receipt revenues.

Kansas HB2318 amends the state's tax code to condition future income and privilege tax rate decreases on exceeding tax receipt revenues. The bill specifies that if the adjusted general revenue fund collections from the preceding fiscal year exceed the inflation-adjusted base year revenues, the secretary of revenue must calculate and publish the income tax rate reduction. The bill also outlines tax brackets and rates for different income levels and entities, including resident and nonresident individuals, corporations, and fiduciaries.

Kansas HB2318 ties future income and privilege tax rate decreases to exceeding tax receipt revenues.

Kansas HB2318 amends the state's tax code to condition future income and privilege tax rate decreases on exceeding tax receipt revenues. The bill specifies that if the adjusted general revenue fund collections from the preceding fiscal year exceed the inflation-adjusted base year revenues, the secretary of revenue must calculate and publish the income tax rate reduction. The bill also outlines tax brackets and rates for different income levels and entities, including resident and nonresident individuals, corporations, and fiduciaries.