Kansas Statutes § 79-32,110d Certification of excess corporate income tax receipts; reduction of corporate income tax rate; publication of income tax rates.

79-32,110d. Certification of excess corporate income tax receipts; reduction of corporate income tax rate; publication of income tax rates. (a) At the end of fiscal year 2028, the director of the budget, in consultation with the director of legislative research, shall certify the amount of actual corporate income tax receipt revenues generated pursuant to K.S.A. 79-32,110(c), and amendments thereto, that is in excess of the prior fiscal year's corporate income tax receipts. The director of the budget shall transmit such certification to the secretary of revenue. Upon receipt of such certification, the secretary shall compute the reduction of the corporate income tax rate pursuant to K.S.A. 79-32,110(c), and amendments thereto. The certified amount shall be computed in dollars by the secretary for a reduction rounded down to the nearest 0.1% in the corporate income tax rate, if any, to go into effect for the next tax year that would reduce the corporate income tax rate in an amount approximately equal to the amount computed by the secretary. The secretary shall reduce the normal tax on corporations. Such rate reductions shall remain in effect unless further reduced pursuant to law. (b) The secretary shall publish by October 1, 2028, the new income tax rates to take effect for all taxable years commencing after December 31, 2028. History: L. 2025, ch. 123, § 1; July 1.