For Immediate Release:
April 4, 2024
Contact:
Grace Hoge
[email protected]
Governor Kelly Signs Bipartisan Bill
Giving Taxpayers Additional Flexibilities
with Income Tax Deductions
TOPEKA— Governor Laura Kelly today signed Senate Bill 360, giving Kansas taxpayers additional flexibilities when contributing to a 529 program account, qualified ABLE program account, and first-time home savings account by allowing them to choose the timing of their deduction from state income tax. The bill allows Kansans to apply the deductions from contributions to these accounts to either the current or the previous tax year filing, aligning these accounts with tax filing deadlines instead of the calendar year.
“This bipartisan bill allows Kansas taxpayers to be better positioned for future financial decisions,” Governor Laura Kelly said. “Now, Kansans with disabilities, first-time home buyers, and those saving for college or other career training opportunities will have more flexibility in deciding which tax year they want to apply contributions on their income tax return.”
The deduction may only be applied to one tax year. The bill is retroactive to the 2023 tax year, meaning that Kansans will have the ability to make additional 2023 contributions and receive that tax deduction prior in their 2023 taxes.
Senate Bill 360 also codifies an advisory committee to make recommendations for the implementation and operation of the 529 program. Members serving on the council are selected by the state treasurer.
“We appreciate the work of the legislature and governor to enact Senate Bill 360 to align the contribution deadline for our state tax-deductible savings programs with the April 15 tax filing deadline,” said Kansas State Treasurer Steven Johnson. “This will allow owners of Learning Quest 529, ABLE Savings, and First-Time Home Buyers Accounts the opportunity to make additional contributions and take advantage of the available tax deductions as they are preparing their tax returns.”
In addition to Senate Bill 360, Governor Kelly also signed the following bipartisan bills:
Senate Bill 331: Updates statutory definitions regarding water supply systems and hazardous waste.
Senate Bill 362: Extends the Sedgwick County urban area nuisance abatement act.
Senate Bill 381: Authorizes counties to appoint a district coroner at their own expense.
Senate Bill 433: Clarifies practice privileges of institutional license holders.
Senate Bill 491: Updates statutes regarding fingerprinting for state criminal history record checks to comply with federal requirements.
House Bill 2590: Updates penalties for the pipeline safety program to allow for continued state administration of the program.
House Bill 2604: Increases the maximum dollar amount for a small claim to $10,000.
House Bill 2605: Increases the maximum rate that can be paid to appointed counsel for an indigent person.
House Bill 2632: Expands membership of the law enforcement memorial advisory committee to include a representative of the Kansas chapter of concerns of police survivors.
House Bill 2661: Requires vacancies in county commissioner districts created by an increase in the number of commissioner districts be filled at the next general election and providing for staggered terms for such newly elected county commissioners.
House Bill 2783: Prohibits a state agency, city, or county from restricting the sale or use of motor vehicles based on the energy source used for the vehicles.
###
|
