The bill seeks to amend various statutes related to the Department of Revenue by eliminating outdated tax credits, exemptions, and incentives, while also making technical adjustments to statutory references. Key changes include the removal of specific eligibility criteria for businesses under the economic revitalization and reinvestment act, particularly affecting the aviation and renewable energy sectors. Notably, the requirement for an eligible business to have paid at least $600,000,000 in average annual gross Kansas compensation during the base eligibility period has been deleted. The bill also establishes a special economic revitalization fund and mandates post-audits for hiring and employee use related to eligible projects to ensure accountability.

Additionally, the bill introduces new provisions for tax deductions and credits for individuals and businesses, including contributions to first-time home buyer and adoption savings accounts, with specified limits. It allows for the carryforward of unused tax credits for qualified business facility investments in certain counties and permits the transfer of tax credits for projects placed into service after January 1, 2021. The bill also modifies existing tax assessment provisions and clarifies eligibility criteria for tax credits related to investments in qualified business facilities, emphasizing the maintenance of a minimum number of employees. Overall, the bill aims to streamline tax regulations while promoting economic development in targeted sectors.

Statutes affected:
As introduced: 79-32, 74-50, 74-8947, 75-3712, 75-4275, 79-1126a, 79-225, 79-255