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HB 2033 - Reduces State Tax Rates - Kansas Key Vote

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Title: Reduces State Tax Rates

Vote Smart's Synopsis:

Vote to pass a bill that reduces state taxation rates.

Highlights:

  • Authorizes individuals to subtract from the federal adjusted gross income of 95 percent between December 31, 2017 to before January 1, 2019 to 100 percent from December 31st, 2018 and onward of global intangible low-taxed income (Sec. 3).

  • Authorizes individuals to deduct the Kansas itemized deduction in lieu of the Kansas standard deduction regardless of whether or not their federal taxable income is determined by itemizing deductions from their federal adjusted gross income (Sec. 4).

  • Requires the tax on food and food ingredients to be at 6.5 percent unless it is prepared, except if that prepared food is not sold with eating utensils provided and meets the following conditions (Sec. 16):

    • Food sold by a seller whose proper primary NAICS classification is manufacturing in sector 311, except for bakeries;

    • Food sold in an unheated state by weight or volume as a single item;

    • Only meat or seafood sold in an unheated state by weight or volume of a single item;

    • Bakery items, including bread, rolls, buns, donuts, cookies, tortillas, and other things;

    • Food sold that ordinarily requires additional cooking, as opposed to just reheating, by the consumer prior to consumption; or

    • Bottled water that is not otherwise sold as prepared food.

  • Requires a deduction in the 6.5 percent tax calculated by the Secretary of Revenue if in a fiscal year there is an increase in revenue attributable to the Kansas compensating use tax that exceeds the revenue of the base year plus 3 percent annually (Sec. 17).

NOTE: A TWO-THIRDS MAJORITY VOTE OF ELECTED (OR APPOINTED) MEMBERS IS REQUIRED TO OVERRIDE A GOVERNOR'S VETO.

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