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SMALL BUSINESS NEWS

19 Jun 2017

 

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Kansas State Tax Increase

Entrepreneurs in the State of Kansas face a tax increase.

A new tax bill (H.B. 2178) was vetoed by the governor but was overridden by the State House and Senate.

The new law calls for personal and corporate tax increases as follows:

For married couples filing jointly the personal tax brackets goes from two in 2016 to three in 2017.   The tax rates are as follows:

 

 

Not over $30,000 .......2.7% of Kansas taxable income

 

 

Over $30,000 but not over $100,000 .....$810 plus 5.25% of excess over $30,000.  This is an increase from the 4.6% from last year.

 

Over $100,000 .......$4,485 plus 5.45% of excess over $100,000

The personal income tax for individuals also goes from two brackets in 2016 to three brackets in 2017.  The rates are as follows:

 

Not over $15,000 ............2.6%2.7% of Kansas taxable income

 

 

Over $15,000 but not over $50,000 ......$405 plus 5.25% of excess over $15,000.  This is an increase from the 4.6% rate in 2016.

 

 

Over $50,000 ............$2,242.50 plus 5.45% of excess over $50,000

Corporations doing business within the state or deriving income from sources within the state will also see a tax increase.  The rate for corporations is 7% [4% = normal tax rate and 3% surtax rate].

 

See States Tax Rates.

 

Sources:
Law [HB2178]


By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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