For Immediate Release:
June 21, 2024
Contact:
Grace Hoge
[email protected]
Governor Kelly Signs Bill Providing Tax Cuts for
All Kansans
~~ Gov. Kelly Also Signs Legislation Approving Economic Development Tool to Attract Professional Sports Teams to the State ~~
TOPEKA – Governor Laura Kelly announced today that she has signed Senate Bill 1, bipartisan legislation that will provide tax cuts for all Kansans without threatening the state’s long-term fiscal health. The bill reduces property and income taxes, immediately eliminates the state tax on Social Security income, and increases the standard deduction and Child and Dependent Care Tax Credit.
“I am proud to be delivering on my commitment to responsible, meaningful tax relief for all Kansans,” Governor Laura Kelly said. “I appreciate the Legislature’s quick work to pass this tax relief package. Senate Bill 1 provides significant tax relief while preserving our ability to continue fully funding our public schools, roads and bridges, and State Water Plan.”
The governor also signed House Bill 2001, enabling the use of the Sales Tax and Revenue (STAR) Bonds, an economic development tool, to expand Kansas’ portfolio of professional sports teams. STAR Bonds allow the issuance of bonds to finance the development of major commercial, entertainment, and tourism projects. The bonds are paid off through the sales tax revenue generated by the development.
“We know that modernizing our economic development tools provides the opportunity to increase private investment into the state,” Governor Kelly said. “By modifying the STAR Bonds program, one of our strongest economic development mechanisms, lawmakers crafted a viable option for attracting professional sports teams to Kansas."
Click here to learn more about STAR Bonds.
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