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Minutes for HB2657 - Committee on Taxation
Short Title
Income tax credit for increased salaries paid to Kansas employees.
Minutes Content for Tue, Mar 13, 2018
Mr. Wells provided an overview on HB2657 stating the bill would allow a taxpayer to claim non-refundable income tax credit for 20 percent of the increase in total salaries paid to Kansas employees from the previous year beginning in tax year 2018. The tax credit would be capped at $4,000 per tax year and any unused tax credit would not be allowed to carry forward.
Ms. Smith stated for HB2657 stated the estimated fiscal impact would decrease state revenues by $68.8 million in FY2019. This estimate is based on actual wages that were paid in 2015 and 2016.
Representative Tim Hodge testified as a proponent for HB2657 stating this bill would reward employers who employee people and increase their wages. The bill allows the employer to compare their previous year's payroll to their current year and if they have an an increase they can receive a credit up to $4,000 (Attachment 8). Representative Hodge stood for questions from the Committee.
The hearing is closed for HB2657.
