OLATHE— Governor Laura Kelly today ceremonially signed Senate Bill 1, the bipartisan sustainable tax cuts package, in Olathe. The bill comprehensively cuts Kansans taxes while ensuring the state’s long-term fiscal health.

“Kansans can expect to see meaningful tax cuts and can rest assured they will not threaten our ability to continue fully funding essential services,” Governor Laura Kelly said. “This bipartisan bill delivers the tax relief Kansans needed, deserved, and that our state could afford.”

Senate Bill 1, passed with bipartisan support and signed by Governor Kelly in June, provides Kansans with nearly $2 billion in tax cuts over the next 5 years. The bill completely eliminates state taxes on Social Security income, saving Kansas retirees $152 million in the first year alone.

The bill also reduces property taxes by increasing the residential property tax exemption to $75,000. Residential property owners will save more than $236 million over 5 years. Additionally, the bill reduces income taxes while increasing the standard deduction and the Child and Dependent Care Tax Credit.

“By responsibly reducing property and income taxes, we’re implementing comprehensive tax cuts that all Kansans will feel the impact of,” said Kansas State Senator Rob Olson, District 23. “I’m proud to have worked with Governor Kelly and lawmakers of both parties to get this bipartisan package across the finish line.”