The 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. Specifically, it introduces new legal language that states individuals can deduct 100% of losses from wagering transactions as allowable deductions under section 165(d) of the federal internal revenue code. This change applies to the Kansas itemized deduction, which also includes 100% of charitable contributions, medical care expenses, and qualified residence interest, among others.

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 2025. The amendments simplify the process for taxpayers by allowing them to elect the Kansas itemized deduction regardless of their federal taxable income determination method, thus broadening the eligibility for these deductions. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 79-32