Governor Sam Brownback's grand experiment with his "March to Zero" tax plan came to a crashing (and retroactive) halt this week when both chambers of the legislature voted to override his veto of a tax bill that effectively reverts the Kansas tax rates back to pre-2012 levels.
Most notable to the business community is the repeal of the "LLC exemption" that exempted most business, farm and rental income from state income taxes. For other income, this bill reinstates the three income tax rates of 3.1%, 5.25% and 5.7%. From 2012 through 2016, the rates had been reduced to 2.6% and 4.6%.
Please do not hesitate to call us if you would like more information on this legislation or would like to discuss how it impacts your individual situation.
