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Congress & Courts

Legislative Update by State Senator Caryn Tyson

fortscott.biz
 2021-02-15

Cover picture for the articleRELIEF ACT – Slowing Government Growth. Senate Bill (SB) 22, also referred to as the RELIEF Act, would allow Kansas taxpayers to keep more of their hard earned money. The bill addresses unintended tax increases that resulted from the 2017 federal tax cuts. The two main items dealing with the federal tax cuts would allow Kansas taxpayers the option to itemize, whether they itemize on their federal return or not and would lower business taxes on offshore earnings brought to Kansas, encouraging businesses to invest in Kansas. The bill also has provisions making it clear that you would not owe income tax on money that was paid to someone who stole your identity, or on paycheck protection money, and business meals would be 100% deductible. It also would allow small businesses to expense some deductions, something corporations in Kansas can do. During debate the bill was amended to remove all income tax on Social Security benefits, and on employment retirement programs (including self-employment), and to increase standard deductions by approximately 20%. The bill passed on a vote of 24 to 15. I voted Yes. The Governor called the bill “irresponsible” and it appears would veto the bill. It is responsible to decrease the burden of taxpayers, especially with the hardships they face.

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