Tax Bill Passes the House and Senate / House Overrides Veto, but Senate falls short. Back to the drawing board?
The House of Representatives and Senate passed Sub HB 2178 which made several changes to our current tax code. Specifically, the bill eliminated the income tax exemptions for some Kansas businesses and adjusted individual income tax rates. It is important to note that even with those adjustments Kansans will still be paying income taxes at a lower rate than they were in 2012. Additionally, the bill would have restored full deductibility to medical expenses, which are disallowed under present law. The Department of Revenue estimates that the plan would have generated $590 million in additional revenue in Fiscal Year 2018 and $454 million in Fiscal Year 2019.