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 deductions under section 165(d) of the federal internal revenue code. Additionally, the bill modifies the eligibility criteria for claiming the Kansas itemized deduction, allowing individuals to elect this deduction regardless of whether their federal taxable income is determined by itemizing deductions.

The bill also repeals the existing section of K.S.A. 2024 Supp. 79-32,120, which previously outlined the itemized deductions available for various tax years, including charitable contributions, medical expenses, and property taxes. The new legal language simplifies the deduction process and expands the types of deductions available to Kansas taxpayers, particularly by including wagering losses, thereby potentially benefiting individuals who engage in such transactions. The act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-32