The bill amends K.S.A. 2024 Supp. 79-32,117 to introduce a subtraction modification for Kansas adjusted gross income concerning property subject to eminent domain. This allows individuals to subtract specific amounts from their federal adjusted gross income when calculating their Kansas income tax. The bill also outlines various additions and subtractions to federal adjusted gross income, including interest income, taxes, federal net operating loss deductions, and deductions related to charitable contributions and business expenses. Additionally, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,117, indicating a comprehensive update to the law governing Kansas adjusted gross income.

Furthermore, the bill introduces modifications to the Kansas tax code for taxable years beginning after December 31, 2012, and extending through 2024. Key provisions include the exclusion of certain income or loss reported on Schedule E from federal adjusted gross income, tax benefits for contributions to family postsecondary education savings accounts and ABLE accounts, and the ability for taxpayers to apply contributions made in the current year to the prior taxable year. The bill also addresses various income sources, such as military bonuses and retirement benefits, while providing deductions for unreimbursed travel and medical expenses related to organ donation. It includes provisions for first-time home buyer savings accounts and adoption savings accounts, with specific contribution limits, and will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-32