Medicaid Expansion and Financial Overview
Tax Proposal
Bipartisan Tax Plan Will Reduce Tax Burden Across Most Major Tax Sources
~Will Provide $439.5mil of Direct Savings to Kansas Taxpayers in FY25~
Property Tax Relief
Increase residential exemption on 20 mills property tax
.
Exempts the first $100k of appraised value for residential homeowners
•
Produces taxpayer savings of $93.4mil in FY25
Tax Relief for Parents
Childcare tax credit
•
Doubles the current credit, saving Kansas families $6.0mil per year
Policy
Axe the Tax Pull Forward of Start Date (04/01/24)
FY24
FY25
FY26
FY27
FY28
20.8
72.6
-
1.2
7.1
7.1
7.1
7.1
152.1
120.7
124.4
128.1
90.5
70.4
71.1
71.8
6.0
6.0
6.0
6.0
13.0
7.4
7.5
7.6
4.8
4.9
5.0
5.0
93.4
98.2
103.2
108.5
22.0
439.5
314.7
324.3
334.1
Fem. Hygiene/Diapers Sales Tax Elimination
Eliminate Social Security State Income Tax
Standard Deduction Increase to $10k/$7.5k/$5k
Childcare Tax Credit
Bank Privilege Match Corporate Income Rate Reduction
Back to School Sales Tax Holiday
20 Mills Residential Exemption Increase to $100k in TY24*
Total Direct State Benefit (Millions)
* 20 mills exemption does not reduce SGF revenues, but rather increases K-12 expenditures
11View entire presentation