Panel Approves Plan To End Business Tax Break
Associated Press - May 12, 2015 5:01 am
A Kansas House committee has approved a bill to end a business tax break championed by Republican Gov. Sam Brownback.
The Taxation Committee’s 13-8 vote Monday sent the measure to the House for debate.
The committee is considering proposals to raise taxes to close a budget shortfall. Legislative researchers said the projected deficit is $406 million for the fiscal year beginning July 1.
The bill clearing committee would raise $134 million during the next fiscal year.
The measure repeals a tax break for 333,000 business owners and farmers enacted in 2012 at Brownback’s urging to boost the economy. The policy exempted their business income from taxes.
The bill imposes a 2.7 percent tax on most of the income and a 4.6 percent tax on rents and royalties.