Post by Logan on Mar 13, 2016 4:02:31 GMT -6
Lawmakers once again are preparing to battle over tax breaks for business owners after divisions on the policy gridlocked the Legislature last year, contributing to the longest session in state history.
The outlines of the fight and the players involved remain the same, but the arena has changed — lawmakers, who were fresh from re-election in 2015, now face a reckoning at the polls this November and must work with a governor who has plumbed new depths of unpopularity since the previous session.
Kansas’ approach toward limited liability corporations — commonly called LLCs — is among the most controversial provisions of the massive tax cuts enacted in 2012.
The 2012 law removed taxes on pass-through business income — income that flows from an LLC to the business owner — freeing more than 300,000 individuals from taxes, far more than originally estimated.
Read more: cjonline.com/news/2016-03-12/legislature-girds-fresh-battle-over-business-tax-breaks
The outlines of the fight and the players involved remain the same, but the arena has changed — lawmakers, who were fresh from re-election in 2015, now face a reckoning at the polls this November and must work with a governor who has plumbed new depths of unpopularity since the previous session.
Kansas’ approach toward limited liability corporations — commonly called LLCs — is among the most controversial provisions of the massive tax cuts enacted in 2012.
The 2012 law removed taxes on pass-through business income — income that flows from an LLC to the business owner — freeing more than 300,000 individuals from taxes, far more than originally estimated.
Read more: cjonline.com/news/2016-03-12/legislature-girds-fresh-battle-over-business-tax-breaks