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Kansas Income Tax Changes for 2017

SS&C Staff - Wednesday, June 28, 2017

 

The Kansas Legislature has passed Senate Bill 30 that ends the “small business exemption” for “flow thru” income as well as raises individual income tax rates. Both are effective retroactively to January 1, 2017. A summary of the bill is below:

Non-Wage Business Income

  • 100% repeal of the non-wage business income tax exemption effective January 1, 2017

    • Reinstatement of the federal loss carry-forward

 

 

Individual Income Tax Rates for 2017

  • A three-bracket system will be implemented beginning in tax year 2017 of 2.9%, 4.9% and 5.2% (an increase from 2.7%, 4.6%, and 4.6%).
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Individual Income Tax Rates for 2018

  • Low income exclusion threshold is reduced to $5,000 for married filers and $2,500 for single filers
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  • A three-bracket income tax system will be implemented of 3.1%, 5.25% and 5.7%

 

 

Itemized Deductions and Credits and Other Provisions

  • 50% of medical expenses, mortgage interest and property taxes paid in 2018; increased to 75% in 2019 and 100% in 2020 and thereafter
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  • Dependent care tax credit will be set at 12.5% of allowable federal amount in 2018, 18.75% in 2019 and 25% in 2020
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  • The bill states that “no taxpayer shall be assessed penalties and interest arising from the underpayment of taxes due to changes that became law on July 1, 2017, so long as such underpayment is rectified on or before April 17, 2018.

 

 

Kansas withholding tables will be adjusted to reflect the change in individual income tax rates.

For those with non-wage business income (Schedules C, E, F, and K-1’s from Partnerships and/or S-Corporations), we encourage you to analyze the effect these law changes will have on you.

SS&C can prepare a 2017 tax projection and set up your Kansas estimated taxes so there are no unpleasant surprises next April. Please call one of our offices near you in Topeka, Lawrence, Meriden or Shawnee. Of course you can always contact us by email!