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Minutes for HB2688 - Committee on Taxation
Short Title
Providing a sales tax exemption for exploration place, inc.
Minutes Content for Thu, Feb 8, 2024
Chairperson Smith opened the hearing for HB2688.
Adam Siebers, Assistant Revisor, presented an overview on HB2688 that provides a sales tax exemption for purchases of property or services purchased by Exploration Place, Inc., to be used for the purpose of constructing, remodeling, furnishing or equipping. (Attachment 1).
Kathleen Smith, KDOR, provided an overview on the fiscal note for HB2688 that would decrease state revenues by $130,000 in FY2025. Of that, the State General Fund is estimated to decrease $106,600 in FY2025, while the State Highway Fund is estimated to decrease by $23,400 in FY2025. Ms. Smith stood for questions from the Committee.
Adam Smith, President & Chief Executive Officer, Exploration Place, the largest Science and Technology Center in Kansas testified as a proponent for HB2688. The Destination Playscape project fundraising campaign is currently $18.2 million of the expected $25.0 million cost and has gained momentum and support from all corners of the Wichita community. The project should triple the economic impact of Exploration Place from $21.0 million to over $66.7 million annually. The passage of HB2688 will eliminate bureaucratic overhead that burdens the project. He noted without a Project Exemption Certificate, Exploration Place will be forced into a cumbersome process of directly procuring all materials for the project using the sales tax exemption, and then supply materials to the contractors and subcontractors (Attachment 2). Mr. Smith stood for questions from Committee members.
There were no conferees who were neutral or in opposition to HB2688.
Chairperson Smith closed the hearing for HB2688.
