Mon June 25, 2012
Kansas Prepares For New Tax Rules
Preparations are underway for tax changes next year. Kansas Department of Revenue staff is working this summer to write the new rules and regulations that will guide the agency as it implements a sweeping series of cuts to the state’s income tax system.
Secretary Nick Jordan says the agency is meeting with accountants and lawyers to discuss the new law and write the policies that will govern how taxes are collected for individuals and businesses.
The new law will decrease rates for all individual income taxpayers, dropping the top rate to 4.9 percent from 6.45 percent for 2013. The standard deductions claimed by heads of household and married couples filing jointly also will increase.
New rules must be in place by January 1st when the tax changes take effect.