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Panel Approves Plan To End Business Tax Break

KSAL StaffMay 12, 2015

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.

Copyright © Rocking M Media, 2018. All Rights Reserved. No part of this story may be reproduced without Rocking M Media’s express consent.

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