Friday, November 1, 2019

Kansas Bill to Tax Large CUs Won't Move Forward

The Sunflower State Journal is reporting that a joint House-Senate committee on financial institutions in the Kansas Legislature on October 29 recommended against the bill taxing large credit unions.

The bill (SB 239) would have levied a 2.25% tax on the business lending income of credit unions with assets of more than $100 million. It would have assessed another 2.125% tax on such income in excess of $25,000.

A second bill (SB 238) that would allow banks to deduct business loan interest from their net income moved forward with no recommendation from the committee.

Republican state Sen. Rob Olson, chair of the joint committee, said he expected the bill to be considered in the upcoming session, but noted the bill still needs quite a bit of work.

Read the article (subscription required).
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