The 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. This new provision adds to the existing list of deductions that individuals can claim, which includes 100% of charitable contributions, medical care expenses, qualified residence interest, and taxes on real and personal property, all as allowable under the federal internal revenue code. The bill also repeals the previous version of K.S.A. 2024 Supp. 79-32,120, which contained outdated provisions regarding itemized deductions for tax years prior to 2021.

Additionally, the bill modifies the eligibility criteria for claiming the Kansas itemized deduction. Starting from tax year 2021, individuals can elect to deduct the Kansas itemized deduction regardless of whether their federal taxable income is determined by itemizing deductions. This change simplifies the process for taxpayers and expands their options for deductions, ultimately aiming to provide more favorable tax treatment for Kansas residents.

Statutes affected:
As introduced: 79-32