The bill amends K.S.A. 2024 Supp. 79-32,117 to introduce a subtraction modification for payments made by taxpayers as members of a health care sharing ministry, allowing these payments to be deducted from federal adjusted gross income when calculating Kansas adjusted gross income. It also includes various provisions related to income taxation, such as adjustments for interest income, federal tax refunds, and charitable contributions. Additionally, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,117, indicating a comprehensive update to the income tax regulations in Kansas to clarify the treatment of specific income and deductions.

Moreover, the bill specifies that for taxable years beginning after December 31, 2012, and ending before January 1, 2017, certain income reported on Schedule E will be excluded from modifications. It allows deductions for contributions to family postsecondary education savings accounts and ABLE accounts, with limits of $3,000 for individuals and $6,000 for married couples filing jointly. The bill also addresses various provisions for future taxable years, including the treatment of social security benefits, retirement benefits from Washburn University, and deductions for unreimbursed travel and medical expenses related to organ donations. It ensures that taxpayers can carry forward deductions for net operating losses and interest expenses disallowed under federal law, and states that the act will take effect upon publication in the statute book.

Statutes affected:
As Introduced: 79-32
As introduced: 79-32