Gov. Brownback Signs Pro-Business Tax Measures
KSCB News - May 27, 2011 8:13 am
Kansas Gov. Sam Brownback has signed two bills that rewrite state income tax laws to help businesses after they buy machinery.
The governor pushed the legislation to help stimulate the economy, and it’s a precursor to a larger discussion of tax policy next year.
Brownback signed the bills Thursday at a business in Kansas City, Kan.
One measure extends the period for using certain business tax credits from 10 years to 16 years. The other creates a new income tax deduction known – called expensing for qualified investments – that lets businesses reinvest up to $50 million a year.
The legislation also repeals or amends a number of state income tax credits and sales tax exemptions.