Vote Smart's Synopsis:

Vote to pass a bill that changes corporate income tax rates and expands the eligibility for business tax credits.

Highlights:

- Sets the income tax rate for corporations with an income over $50,000 at 2.85% for all tax years beginning in 2008 [Sec. 3(2)(B)(c)]. - Permits any taxpayer who makes a capital investment in a business in Kansas within three years of a disaster a credit of up to 10% but not exceeding $100,000 per investment against the income, premium and privilege tax in the state for tax years 2007-2010 [Sec. 8 (a)]. - Gives taxpayers the option to receive a refund of tax liability up to 50% of the credit earned for tax years 2007-2010 [Sec. 8 (b)(1)]. - Substitute offered by Committee on Taxation 3/11/08

Full Bill Text