Legislation that cuts Kansas income taxes over the next five years is now law.
Gov. Brownback signed House Bill 2059 this morning during a signing ceremony at a construction site in Overland Park. Brownback followed that event up with a signing ceremony this afternoon at the McGinty Machine Company in downtown Wichita.
Read a summary of the bill here.
The governor's office says House Bill 2059--now law--reduces individual income tax rates by 20 - 23% for Kansans.
It also changes the lowers the standard deduction for personal income taxes--from $9,000 to $7,500 for married taxpayers filing jointly and $5,500 for individuals. The governor hopes to eventually eliminate the state income tax entirely.
The bill also sets the state sales tax rate at 6.1%. Lawmakers had raised the sales tax from 5.7% to 6.3% in 2012, after passing massive income tax cuts. The rate had originally been set to drop back down to 5.7% on July 1. This move will raise an estimated $777 million for the state.