This bill amends K.S.A. 2024 Supp. 79-32,120 to allow individuals to claim an itemized deduction for certain wagering losses starting from tax year 2025. The amendment specifies that for tax years commencing on and after January 1, 2025, the Kansas itemized deduction will include 100% of losses from wagering transactions, in addition to existing deductions for charitable contributions, medical care expenses, qualified residence interest, and taxes on real and personal property. This change aims to provide taxpayers with more flexibility in their deductions, particularly for those who engage in wagering activities.

Additionally, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,120, which previously outlined the itemized deductions for tax years prior to 2021 and included various percentages for different types of deductions. The new legal language simplifies the deduction process by allowing individuals to elect the Kansas itemized deduction regardless of their federal taxable income status, thereby streamlining the tax filing process for Kansas residents. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 79-32