Special Tax Announcement

Jun 16, 2017

SJHL Announcement – Legislative Update – 2017 Tax Package-SB 30

The Kansas Legislature recently overrode Governor Brownback's veto and passed a bill that could increase individual state income taxes for some taxpayers. The law repeals the non-wage business income exemption that took effect in 2013 (good news is that it restores the ability to deduct losses from the same income source). Non-wage business income (income reported on federal return Schedules C, E, or F) will now be subject to Kansas income tax effective January 1, 2017.

Also starting with tax year 2017, the existing two-bracket individual income tax rate system will be replaced with a three-bracket system. However, the highest rates are still below what they were before the 2012 tax law change. We are currently analyzing how this affects our clients and will send out further communication as more information becomes available.

If you have any questions or concerns, please reach out to one of our team members.

 

Swindoll, Janzen, Hawk & Loyd, LLC

www.sjhl.com
McPherson  |  Hutchison  |  Wichita