More Than $400 Million Needed to Close Kansas Budget Gap

Official Kansas Revenue Estimate Shows More Than $400 Million Needed to Close the Budget Gap
The Consensus Revenue Estimating Group released its budget estimate on Monday showing that more than $400 million is needed to balance the State’s budget.  Kansas Legislators return to Topeka on April 29 to face their toughest decision – how to put together a package that balances the budget and garners enough votes to pass.  There are several possible tax increases on the table, including legislation that would accelerate the “haircut” of certain itemized deductions, including the mortgage interest deduction; modify the existing full exemption of LLCs and other business entities; increase the overall state sales tax rate; and/or increase sales taxes on alcohol and tobacco, just to name a few.  The KCHBA and every other interest group in the state will be watching the legislature very closely over the next few weeks.  For more information, please contact Beatriz