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Minutes for HB2661 - Committee on Taxation
Short Title
Providing for a 10% normal tax rate on certain corporate income.
Minutes Content for Mon, Mar 12, 2018
Mr. Wells provided an overview on HB2661 stating would provide a new tax bracket for corporate income tax filers that would begin in tax year 2018 and the rate would be 10 percent for taxable income over $1 million dollars. Mr. Wells stood for questions.
Ms. Smith provided an overview on the fiscal note for HB2661 which would increase revenues to all funds by an estimated $296 million in FY2019, $301 million in FY2020 and $305 million in FY2021.
In response to a questions, Ms. Smith stated HB2661 would impact around 665 corporations and there are currently around 25,000 to 27,000 corporate taxpayers.
Representative Tim Hodge testified as a proponent to HB2661, (Attachment21). Mr. Hodge stood for questions from the Committee.
Heidi Holliday, Kansas Center for Economic Growth submitted written testimony as a proponent to HB2661 (Attachment 22)
Eric Stafford, Kansas Chamber testified as an opponent to HB2661 (Attachment 23). Mr. Stafford stood for questions from the Committee.
Dave Trabert, Kansas Policy Institute testfied as an opponent to HB2661 (Attachment 24). Mr. Trabert stood for questions from the Committee.
Randy Stookey, representing Kansas Grain & Feed Association, Kansas Agribusiness Retailers Association and Renew Kansas submitted written testimony as an opponent to HB2661 (Attachment 25)
Hearing closed on HB2661.
Adjourned at 5:10 pm.
