2024 TAX POLICY CHANGES

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First, with respect to property taxes. The current law for Residential Exemption allows $75,000 for all years, beginning in 2024 with no future adjustments. The former exemption allowed $40,000 for 2022 and annual adjustment. In 2023, the exemption for $42,049, and in 2024, approximately $44,700 was allowed. Hopefully, this will provide some relief for property taxpayers.

Second, Kansas has been one of the few states that still required state taxing authority on Social Security. This tax had an exemption for all filers with $75,000 or less federal adjusted gross income. Now, the exemption will cover ALL filers. The state tax portion on Social Security is now gone.

Third, many families have children in daycare which is very costly. Previously, state law provided taxpayers with a credit of 25% of the federal amount on Child and Dependent Care Tax Credit. Now, this credit has been increased to 50% of the federal amount. Hopefully, this change will bring some relief to Kansans who are working hard everyday to provide, shelter and healthcare to their families.

Finally, the standard deductions for all Kansans were raised to the following:

• For Single filers: $3,605

• For Married, filing jointly: $8,240

• For Head of Household: $6,180

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These are only some of the changes made to tax policy that went into effect on July 1st, but they reflect major priorities in areas where everyday Kansans have been feeling the burden.