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Minutes for SB303 - Committee on Federal and State Affairs
Short Title
Establishing the Kansas legal tender act and providing for an income tax subtraction modification for sales of specie.
Minutes Content for Wed, Jan 17, 2024
Chairman Thompson explained SB303 was heard in Committee last session and passed out favorably, but was pulled off the calendar and reassigned back to the Committee.
Jason Long, Office of the Revisor of Statutes, gave an overview of the bill. He stated the bill would make coins having gold or silver content that has been coined and stamped or imprinted with its weight and purity legal tender in Kansas, and as such, would be treated as standard money for purposes of taxation. (Attachment1)
Senator Thompson proposed a balloon amendment. Jason Long explained the amendment states the provisions of the bill would not cover distributions from retirement accounts. Senator Longbine moved, seconded by Senator Petersen, to adopt the proposed balloon amendment. Motion carried. (Attachment 2)
A period of questions and answers ensued. The Chairman noted the testimony from last year is included in the Committee Members' folders for their review, before taking final action at a later date.
The Chairman adjourned the meeting at 11:06 am.
