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Minutes for HB2212 - Committee on Taxation

Short Title

Apportionment of corporate income under the multistate tax compact; election.

Minutes Content for Tue, Feb 12, 2019

Mr. Siebers provided an overview on HB2212 stating the bill amends provisions of the multi-state tax compact. by  eliminating the taxpayer's option to use the apportionment rules of the Multi-state Tax Compact to determine business income and allocation of income tax liability between states.  

Michael Hale, Attorney, Department of Revenue, stated HB2212 will eliminate the election provision within the compact that would allow taxpayers to claim an election different than specific Kansas statutes (Attachment 7).  The amendment brings Kansas into alignment with nearly every state.  Mr. Hale provided examples to the Committee of what recycled or "churned" investment capital might look like. Mr. Hale noted the key factors of  HB2212:

  • Amends the definition of sales to prohibit the practice of using recycle or churned investment assets.
  • Eliminates the election provision. 
  • Expands the definition of business income to match what was done in 2008.
  • Prohibits the filing of an amended return claiming an election under the compact.

Hearing closed on HB2212.

Meeting adjourned at 4:35 p.m.