SB259

Kansas SB259 ties future income tax rate decreases to exceeding tax receipt revenues.

Kansas SB259 amends the state's income tax law to make future decreases in personal and corporate income tax rates contingent on exceeding tax receipt revenues. Specifically, the bill requires the director of the budget to compare the total fiscal year adjusted general revenue fund collections from the preceding fiscal year to inflation-adjusted base year revenues. If the collections exceed these revenues, the secretary of revenue must calculate and publish the income tax rate reduction. The bill also sets a minimum tax rate of 4.5% for both personal and corporate income taxes.