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Jim@jtscpa.com

Kansas Income Tax Law Changes

The Kansas legislature made the following changes to Kansas income tax law:

100% repeal of the non-wage business income tax exemption effective January 1, 2017.
Reinstatement of the federal net operating loss carry-forward.

Income tax rates

2017

A three-bracket system with rates of 2.9%, 4.9% and 5.2%.
As long as the balance due is paid by April 15, 2018, there will be no penalty assessed for the underpayment due to the law change.

2018

The low-income exclusion threshold is reduced to $5,000 for married filers and $2,500 for single filers.
The brackets change to rates of 3.1%, 5.25%, and 5.7%.

Other provisions

Itemized deductions will include 50% of medical expenses, mortgage interest and property taxes paid in 2018; increased to 75% in 2019 and 100% in 2020 and thereafter.
Dependent tax credit will be 12.5% of the allowable federal amount in 2018, 18.75% in 2019 and 25% in 2020.

This is not intended to be a complete discussion of all of the changes, rather this includes the provisions that will affect most of my clients.