Kansas passes $310 million in tax cuts, which include house tax reduction

Gov. Laura Kelly on Thursday signed a multimillion greenback bipartisan tax slash invoice, highlighted by a considerable house tax lower for home owners.

The tax cuts enacted in HB 2239 complete about $310 million around three fiscal years. The residential property tax exemption is by much the biggest tax reduce in the bill, totaling about $134 million in that time span.

The tax cut will come via increasing the 20 mill residential home tax exemption from $20,000 to $40,000. That levy is employed to finance faculties.

That tax reduce was originally greater, but was pared down in the course of the conference committee method in get to contain it in the bill, which was supposed to be a selection of scaled-down or much less controversial proposals.

The legislation had wide bipartisan aid, passing the Residence 103-10 and the Senate 39-. Lawmakers who negotiated the 53-web page regulation named it a “significant” compilation of 29 tax payments.