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Minutes for HB2219 - Committee on Taxation
Short Title
Allowing an itemized deduction for certain wagering losses for individual income tax purposes.
Minutes Content for Mon, Mar 11, 2024
Adam Siebers, Assistant Revisor, provided an overview on HB2219 that would allow losses to the extent allowed pursuant to the Federal Internal Revenue Code. This would be allowed as Kansans itemize deductions. The bill is a holdover bill allowing itemized deductions commencing in tax year 2023. Mr. Siebers stated if warranted, he has an amendment that would update the year to 2024.
Representative Hoheisel moved, seconded by Representative Bergkamp, to amend HB2219. (Attachment2). Motion passed.
Committee discussion followed with regard to documentation of losses to offset gains when itemizing in Kansas. Losses can be documented if there is an online account, but is not required. The Committee discussed having the state tax code be in conformity with the federal tax code as it was prior to 2012 when the deduction was removed. There were concerns for documentation and fraud. The Committee decided to work on some of the language in HB2219.
Chairperson Smith stated if no further discussion, the Committee will suspend HB2219 to allow parties to work on some language with regards to documentation of losses to offset gains when itemizing in Kansas. Seeing no objections, the Committee will reconsider HB2219 and retain the amendment.
