The bill seeks to amend various statutes related to the Department of Revenue by eliminating outdated tax credits, exemptions, incentives, refunds, and limitations, while also making technical adjustments to statutory cross-references. Key changes include the repeal of specific eligibility requirements for businesses under the economic revitalization and reinvestment act, particularly concerning aviation and energy projects. The bill establishes a special economic revitalization fund to manage revenues from eligible businesses, which will be used for financing projects, while also prohibiting the use of bonds for executive compensation and instituting post-audit requirements for participating businesses.

Additionally, the bill introduces tax exemptions for integrated coal gasification power plants, defining terms related to their expansion and establishing property tax exemptions for 12 years post-construction. It modifies state emergency fund provisions, updates Kansas adjusted gross income calculations by removing certain tax credits, and introduces new deductions related to pension plans, health insurance, and first-time home buyer savings accounts. The bill also creates a tax credit for qualified business facility investments in specific counties, allowing for the transfer of credits under certain conditions and repealing several existing statutes to streamline the tax code. Overall, the bill aims to modernize Kansas tax regulations while ensuring accountability and supporting economic development.

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