Vote Smart's Synopsis:

Vote to pass a bill that reduces the individual income tax rate and re-designates the recipients of certain tax credits.

Highlights:

• Reduces the income tax rate for married individuals, filing a joint return, for tax year 2013 and all following tax years, in the following manner (Sec. 10):
• If their income is $30,000 or less, their rate is reduced from 3.5 percent to 3 percent;
• If their income is over $30,000, their rate is $900 plus 4.9% of their income over $30,00.

• Reduces the income tax rate for individuals, for tax year 2013 and all following tax years, in the following manner (Sec. 10):
• If their income is $15,000 or less, their rate is reduced from 3.5 percent to 3.0 percent;
• If their income is over $15,000, their rate is $450 plus 4.9 percent of excess over $15,000.

• Increases the standard tax deduction amount for tax year 2013 and all following tax years in the following manner (Sec. 14):
• For an individual filing under a married status, the amount is increased from $6,000 to $9,000;
• For an individual filing as a head of household, the amount is increased from $4,500 to $9,000.

• Prohibits taxpayers not subject to a corporate income tax from receiving the following existing tax credits beginning with the 2013 tax year (Secs. 1-4, 6-8, 18-25, 27-29):
• A tax credit for  providing financial support to a person who is eligible for welfare and has entered into an agreement with the secretary of social and rehabilitation services for such aid;
• A tax credit for providing, on behalf of a regularly employed worker, health insurance or care and contributions to a health savings plan;
• A tax credit for contributions to an individual development account, in an amount equal to 25 percent of their contribution, not exceeding $6,250 in any fiscal year;
• A tax credit for 20 percent of the total cost of liability insurance paid by a registered agritourism operator active as of 2011, not exceeding $2,000;
• A tax credit equal to 25 percent of their investment in Kansas Venture Capital, Inc., not to exceed $10 million;
• A tax credit for investments in a technology-based venture-capital fund established by the Secretary of Commerce;
• A tax credit for placing the following types of property in the service of the state :
• Tangible property excluding anything with an applicable recovery period of 25 years; or
• Computer software;
• A tax credit for expenditures altering a facility or equipment to make it more accessible to employees with a disability in an amount equal to 50 percent of the expenditures or $10,000, whichever is less;
• A tax credit for expenditures in research and development activities conducted within the state;
• A tax credit for any necessary payments or provisions to a child day care service;
• A tax credit for expenditures to a qualified alternative-fueled motor vehicle or station;
• A tax credit in an amount equal to 50 percent of the costs incurred for required improvements to a “qualified swine facility”;
• A tax credit in an amount equal to 50 percent of expenditures made to plug any abandoned oil or gas well in accordance with state regulations, but not to exceed $250,000 in a fiscal year;
• A tax credit equal to the amount attributable to the retirement of indebtedness authorized by a single city port authority established before January 1, 2002, not exceeding $500,000 for a fiscal year, effective through 2021;
• A tax credit equal to expenditures made to a refinery to meet environmental regulations certified by the Secretary of Health and Environment.

Full Bill Text