Kansas Budget Gaps Have Lawmakers Mulling Taxes
Associated Press - November 18, 2014 6:14 pm
Kansas City Power & Light is appealing a September ruling by Kansas regulators reducing the percentage of annual profit the utility is allowed to return to its stockholders.
Projected budget shortfalls in Kansas have some Republican legislators weighing proposals to backtrack on tax-cutting policies championed by GOP Gov. Sam Brownback.
But House Appropriations Committee chairman and Wichita Republican Gene Suellentrop said Tuesday that such measures should be a last resort.
Brownback and the Republican-dominated Legislature must close shortfalls in the current and next state budgets totaling more than $714 million after lawmakers open their annual session in January.
Legislators aggressively cut personal income taxes at Brownback’s urging in 2012 and 2013 to stimulate the economy.
Overland Park Republican Sen. Jim Denning said he wants to “smooth out” tax cuts lawmakers already have promised for the future.
He also proposed taking away part of an exemption from personal income taxes granted to the owners of 191,000 businesses.