This bill amends K.S.A. 2024 Supp. 79-32,120 to allow Kansas residents to claim an itemized deduction for losses from wagering transactions, effective for tax years commencing on and after January 1, 2025. The amendment specifies that individuals can deduct 100% of losses from wagering transactions as allowable under section 165(d) of the federal internal revenue code. Additionally, the bill removes previous provisions that limited the Kansas itemized deduction based on whether an individual's federal taxable income was determined by itemizing deductions.

The bill also repeals the existing section of K.S.A. 2024 Supp. 79-32,120, which included various stipulations regarding itemized deductions for tax years prior to 2021. The new legal language simplifies the eligibility criteria for claiming the Kansas itemized deduction, allowing individuals to opt for this deduction regardless of their federal tax filing method. The act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-32