The Kansas Senate has once again championed tax reform, marking a major stride toward fiscal relief for the state’s residents. On the evening of April 5, Senate leaders announced the passage of a comprehensive tax plan to bolster economic growth and provide widespread tax relief.
This pivotal vote represents the Senate’s unwavering dedication to tax reduction. This session witnessed the approval of tax relief measures on four separate occasions.
Senate President Ty Masterson (Credits: Kansas Reflector)
Crafted within the framework of HB 2036, the newly endorsed tax strategy introduces a simplified two-rate tax system, setting the brackets at 5.55% and 5.15%. A known aspect of the plan is the introduction of a personal exemption designed to extend considerable benefits to lower-income individuals.
The legislation proposes the complete elimination of income tax on social security benefits, delivers property tax relief, and hastens the removal of the state sales tax on food, effective July 1.
Senate President Ty Masterson lauded the bill’s passage, emphasizing its potential to streamline the tax code, reduce rates, and, importantly, fully remove the social security tax.
Masterson expressed optimism about the bill’s trajectory, highlighting that Kansas residents are a mere signature away from receiving the tax relief they have long sought.
Ty Masterson (Credits: CNBC)
Senator Caryn Tyson, who chairs the Senate Taxation Committee and has been instrumental in shaping various tax relief proposals throughout the session, also celebrated the bill’s passage.
Tyson underscored the bill as a balanced compromise that achieves key objectives, including eliminating the social security tax and reducing property taxes.
By transitioning to a simpler, two-rate income tax structure and introducing substantial exemptions to support families, the bill stands as a testament to the collaborative efforts of many.
The Kansas Senate’s commitment to tax reform now awaits the governor’s approval to bring the much-anticipated tax relief to fruition for the people of Kansas.
