March 1, 2024
Halfway into session there has been debate on taxes, education, elections, health care, and other topics. There is still much work to be completed and not much time left if the rumors are true that session will end the second week of April or before.
Where do we go from here? Committees will continue to work on bills. Most of the committees will be hearing bills that passed over from the other chamber. However, there will be some hearings on bills that didn’t make it out of the originating chamber.
Legislative Post Audit reported on the Angel Investor Tax Credit program. Investors who replied to survey questions had positive comments about the program. Of course – they get a tax credit that they can use or sell. A 2020 audit and the 2024 audit couldn’t determine if the businesses created jobs or stayed in business. The audit recommends that the Department of Commerce develop processes to review the program and measurer outcomes.
Another Legislative Post Audit reviewed major economic development programs managed by the Department of Commerce. The report stated that $436 million was awarded via several different programs, PEAK, JCF, KIT, and KIR from 2017 through 2021. The staggering number was the HPIP program. More than $3 billion was awarded in HPIP tax credits from 2017 to 2020. Businesses can use those credits up to 16 years after they are awarded. These and other programs giveaway billions of dollars that could be used to “buy down” taxes for all Kansans, instead of government picking winners and losers. It would make more sense to provide tax relief for all.
All of the audits reported by Legislative Post Audit can be found online at https://www.kslpa.org/.
It is an honor and a privilege to serve as your 12th District State Senator.
Caryn