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Minutes for HB2776 - Committee on Taxation
Short Title
Providing an income tax credit for contributions to the Eisenhower foundation.
Minutes Content for Tue, Mar 20, 2018
Scott Wells, Senior Assistant Revisor provided an overview on HB2776 stating it would create a new non-refundable income tax credit for 70.0 percent of the total amount contributed to the Eisenhower Foundation beginning in tax year 2018. The credit contains the following caps: $25,000 for individuals, $50,000 for corporations and a aggregate cap of $350,000 for a fiscal year. Mr. Wells stood for questions from the Committee.
Kathleen Smith, Department of Revenue provided an overview on the fiscal impact of HB2776 noting it would decrease the State General Fund revenues by $350,000 in FY2019.
Representative Barker testified as a proponent to HB2776 (Attachment 1). Representative Barker stood for question from the Committee.
Mr. Merrill Eisenhower Atwater, CCO of People to People International, a world peace organization started by his great grandfather in 1956, President Dwight D. Eisenhower, testified as a proponent to HB2776 (Attachment 2). He stated it is an opportunity to allow for people in Kansas to invest in the library. Mr. Atwater stood for questions from the Committee.
William A. Hall, President, Hall Foundation testified as a proponent to HB2776 (Attachment 3). Mr. Hall stood for questions from the Committee.
Meredith Sleichter, Executive Director of Ike Eisenhower Foundation testified as a proponent to HB2776 (Attachment 4). She noted this is an opportunity for the State of Kansas and Kansas taxpayers to support this national treasure located in our home state. Ms. Sleichter stood for questions from the Committee.
Hearing closed for HB2776.
