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Minutes for SB22 - Committee on Taxation
Short Title
Providing income tax modifications for global intangible low-taxed income, business interest, capital contributions, FDIC premiums, business meals and payment protection program loans and expenses; expanding the expense deduction availability to income tax taxpayers and calculating the deduction amount; allowing an individual to itemize deductions in Kansas despite not itemizing on their federal return; exempting from income compensation attributable to unemployment insurance ID fraud; and increasing the net operating loss for corporations.
Minutes Content for Wed, Mar 17, 2021
Chairperson Smith opened the hearing for SB22.
Adam Siebers submitted an overview on the differences between SB22 and HB2421. (Attachment 19)
Proponents:
Eric Stafford testified as a proponent to SB22 which addresses conformity issues related to the Tax Cuts and Jobs Act (TCJA) of 2017. The provisions in SB22 were implemented to lower the federal corporate rate from 35% to 21%. (Attachment 20)
Written only testimony as a proponent for SB22 was submitted by the following:
Elizabeth Patton, Americans for Prosperity (Attachment 21)
Mark Tomb, Kansas Association of Realtors (Attachment 22)
Opponents:
Written only testimony as an opponent for SB22 was submitted by the following:
Mark Tallman, Kansas Association of School Boards (Attachment 23)
Judith Deedy, Game on for Kansas Schools (Attachment 24)
Adam Proffitt, Director of the Budget (Attachment 25)
Michael Mazerov, Centere on Budget and Policy Priorities (Attachment 26)
Chairperson Smith closed the hearing on SB22.
Meeting adjourned at 5:00 pm.
