The bill proposes significant changes to property taxation in Kansas by discontinuing the state tax levies for the Kansas educational building fund and the state institutions building fund. It introduces a new state tax of 1 mill on all tangible property subject to ad valorem taxation, which will be used for the benefit of state institutions of higher education. The bill also amends existing statutes to facilitate the transfer of funds from the state general fund to the Kansas educational building fund, increasing the amount from $50 million to $56 million starting July 1, 2026, and establishing a mechanism for annual transfers based on the average percentage change in statewide residential property valuation over the preceding ten years.

Additionally, the bill repeals several existing sections related to the previous tax levies and their associated funds, effectively streamlining the funding process for educational and institutional projects. It ensures that the obligations for debt service on revenue bonds issued for these purposes will not be considered a debt or obligation of the state, thereby protecting the state's financial standing. The bill aims to provide a more sustainable funding model for educational and institutional infrastructure while eliminating outdated tax provisions.

Statutes affected:
As introduced: 76-6b01, 76-6b02, 76-6b04, 76-6b11, 76-6b05
As Amended by Senate Committee: 76-6b01, 76-6b02, 76-6b04, 76-6b11, 76-6b05
{As Amended by Senate Committee of the Whole}: 76-6b01, 76-6b02, 76-6b04, 76-6b11, 76-6b05