We all know the Kansas Legislature passed a tax bill in a special session recently. But, do you really know what’s in it and what it may do for you? In her weekly newsletter, Senator Caryn Tyson broke it down for us. Income tax was a big issue. One thing Tyson has been pushing for fore several years is that there would be no state income tax on Social Security. That passed and will save 76,000 Kansans around $1,300 a year.
The Kansas income tax brackets are now lower. There are three brackets. One set at 5.58, another at 5.2 and the third at zero, that’s right, zero. Personal exemptions increased dramatically, from $2,200 to $9,160. A Kansas family, married, filing jointly with two dependents, taking a standard deduction will not pay income tax on the first $31,200 of earnings,which happens to be the current Federal poverty level.
Property tax relief comes from increasing the current $44,700 exemption to $75,000 when calculating the K-12 20 mill. That’s about $70 savings for a homeowner, much smaller than many lawmakers wanted.
