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 modifications related to interest income, taxes, refunds, and deductions, aiming to clarify the treatment of specific income and deductions for taxpayers. Additionally, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,117, indicating a comprehensive update to the Kansas income tax law.

Moreover, the bill specifies that for taxable years from 2012 to 2017, certain income or loss reported on Schedule E of the federal tax return will be excluded from the modification amount. It allows for the exclusion of contributions to family postsecondary education savings accounts and ABLE accounts, with specified limits, and exempts military bonuses, social security benefits, and certain retirement benefits from state income tax under specific conditions. Other tax modifications include the treatment of net gains from livestock sales, contributions to first-time home buyer savings accounts, and unreimbursed organ donation expenses. The bill will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-32