Recently Governor Laura Kelly ceremonially signed Senate Bill 1 in Hiawatha and Holton. The Bill provides responsible tax cuts for all Kansans, without threatening the state’s long-term fiscal health. Kelly says the tax cuts package provides meaningful relief for hardworking Kansans while preserving the ability to continue fully funding the state’s essential services and infrastructure. She adds that Kansans will see significant tax cuts without sending us back to an era of fiscal shortfalls. The Bill also eliminates state taxes on Social Security Income, saving Kansas retirees $152 million in the first year alone. It also reduces income taxes and increases the standard deduction and child and dependent care tax credit.
Senate Bill 1 passed with bipartisan support. It provides nearly $2 billion in tax cuts for Kansans over the next five years. The Bill reduces property taxes by increasing the residential property tax exemption to $73,000, saving residential property owners more that $236 million over five years.
