SB226

Allows an itemized deduction for certain losses from wagering transactions for individuals for Kansas income tax purposes.

This bill amends Kansas income tax law to allow an itemized deduction for certain losses from wagering transactions. It modifies the Kansas itemized deduction to include losses from wagering transactions allowable as deductions in section 165(d) of the federal internal revenue code. The bill specifies different percentages for various deductions based on the tax year, ranging from 50% to 100%. The changes apply to tax years commencing on and after January 1, 2015, and ending before January 1, 2025.