The bill introduces the Technology-Enabled Fiduciary Financial Institutions Act, amending the Kansas banking code to modernize the regulatory framework for fiduciary financial institutions. Key changes include reducing the charter application fee from $100,000 to $50,000 starting July 1, 2025, establishing new reporting deadlines, and exempting these institutions from certain records retention requirements. The bill also allows for the issuance of certificates and trust certificates, includes Kansas nonprofit corporations as qualified charities for income tax credits, and outlines the supervision and operational requirements for fiduciary financial institutions, such as maintaining office space in economic growth zones and employing a minimum number of staff.

Additionally, the bill revises existing Kansas tax law to facilitate qualified charitable distributions benefiting economic growth zones and allows members of fiduciary financial institutions to claim tax credits proportional to their distributive income if the institution's tax credit exceeds its tax liability. Unused tax credits can be carried over for up to five years. The bill also repeals several existing statutes related to fiduciary financial institutions, ensuring a streamlined and updated regulatory and tax credit structure that promotes economic growth and charitable activities in the state.

Statutes affected:
As introduced: 9-2301, 79-32, 9-542, 9-701, 9-2303, 9-2324, 9-2307, 9-1130, 17-12, 9-2309, 9-2310, 9-2311, 9-2312, 9-2322, 75-3739, 75-37