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Kansas state capitol in Topeka getty Lawmakers in multiple states have passed significant income tax rate cuts in recent weeks. Mississippi lawmakers and Governor Tate Reeves (R) enacted legislation in March that will phase out the Magnolia State’s 4.7% income tax over time based on revenue triggers. Shortly thereafter, Kansas lawmakers followed suit by overriding a gubernatorial veto to enact income tax relief that moves the state tax code to a lower, flat rate. Kansas Senate President Ty Masterson (R) and Speaker Dan Hawkins (R) led the charge for Senate Bill 269, legislation enacted this week that will move Kansas from a progressive income tax code with a top rate of 5.58% to a 4% single rate income tax. Kansas lawmakers passed this income tax cut at the end of March and Governor Laura Kelly (D) vetoed it on April 10. On April 15, Kansas lawmakers enacted SB 269 by voting to override Governor Kelly’s veto. SB 269 includes a revenue trigger resulting permanent rate cuts whenever a stipulated level of revenue collection is exceeded. Under 269, all surplus revenue collections exceeding growth in regional CPI inflation will be returned to taxpayers in the form of permanent income tax cuts until the rate falls to 4%. The tax reform package championed by Masterson and Hawkins also cuts the state corporate tax rate to 4% based on revenue triggers. Many in South Carolina hope their state is the next to enact rate-reducing income tax reform. Speaker Murrell Smith (R) and his colleagues introduced legislation in March to move the state from a progressive income tax with a top rate of 6.2%, to a flat 3.99% income tax. An economic impact study recently released by the Palmetto Promise Institute and the Buckeye Institute concluded that moving to a lower, flatter rate would…

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Filed under: News - @ April 18, 2025 9:21 pm