Vote Smart's Synopsis:

Vote to pass a bill that provides tax cuts to mitigate effects of COVID-19.

Highlights:

• Specifies the amount of any depreciation deduction or business expense deduction claimed on the taxpayer's federal income tax return for any capital expenditure in making any building or facility accessible to the handicapped, for which expenditure the taxpayer claimed the credit for federal adjusted gross income (Sec. 2.v).

• Authorizes an individual to elect to deduct the Kansas itemized deduction instead of the Kansas standard deduction, regardless of whether or not such individual's federal taxable income is determined by itemizing deductions from such individual's federal adjusted gross income (Sec. 3.B).

• Specifies the Kansas itemized deduction of an individual means the following deductions from federal adjusted gross income, other than federal deductions for personal exemptions (Sec. 3.B):

• 100% of charitable contributions that qualify as charitable contributions allowable as deductions;

• 50% of the amount of qualified residence interest; and

• 50% of the amount of taxes on real and personal property of the federal internal revenue code.

• Specifies the tax year commencing on and after January 1, 2018, and ending before January 1, 2019, the Kansas itemized deduction of an individual means the following deductions from federal adjusted gross income, other than federal deductions for personal exemptions, as provided in the federal internal revenue code (Sec. 3-3).

• 100% of charitable contributions that qualify as charitable contributions allowable as deductions in section 170 of the federal internal revenue code;

• 50% of expenses for medical care allowable;

• 50% of the amount of qualified residence interest; and

• 50% of the amount of taxes on real and personal property

• Requires the total amount of deductions from federal adjusted gross income shall be reduced by the total amount of income taxes imposed by or paid to this state or any other taxing jurisdiction to the extent that the same is deducted in determining the federal itemized deductions and by the amount of all depreciation deductions claimed for any real or tangible personal property (Sec. 3-5.b).

• Specifies the amount of any charitable contribution deduction claimed for any contribution or gift made to a scholarship granting organization to the extent the same is claimed as the basis for the credit (Sec. 4.v).

• Specifies if any corporation derives all of its income from sources within Kansas in any taxable year commencing after December 31, 1979, its Kansas taxable income will be the sum resulting (Sec. 4.d).

• Authorizes the net operating loss to be allowed in full in determining Kansas taxable income or at the option of the taxpayer allowed in full in determining Kansas adjusted gross income (Sec. 5.e).

Full Bill Text