AN ACT concerning taxation; relating to property taxation; reducing penalties for the late filing of or the failure to file statements listing property for assessment and the discovery of escaped property; reporting changes after initial statement; relating to income taxation; decreasing the penalties for failing to timely remit withholding income taxes of employees by employers; amending K.S.A. 79-306, 79-332a, 79-1422, 79-1427a and 79-32,107 and repealing the existing sections.