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Legislative Update by State Senator Caryn Tyson

fortscott.biz
 2021-04-19

Cover picture for the articleGovernor Vetoes Tax RELIEF that would Slow Government Growth. It is not a surprise but disappointing the Governor vetoed Senate Bill (SB) 50. The bill would provide some RELIEF for Kansas taxpayers by allowing them to keep more of their hard-earned money. There were several items in the bill. There are too many to list but here are a few key items. It would give Kansas taxpayers the option to itemize whether they itemize on their federal return or not. The bill would also increase state standard deductions by $500 so individual deductions would increase to $3,500 and married filing jointly to $8,000. It also would allow a deduction on money spent on business meals. Additionally, it would allow net operating losses to be carried forward and would allow all to expense tangible property deductions, something corporations in Kansas can already do. It would also extend the corporate filing deadline by 30 days past the IRS deadline.

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