Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Policy topic
No spam. Unsubscribe anytime.
Panel approves hearing on technical cleanup removing obsolete GILTI language
Summary
House Bill 26-42 removes an obsolete reference to 'global intangible low tax income' (GILTI) from state tax code language, a technical cleanup prompted by federal IRC changes; the Kansas Chamber supported the cleanup to keep foreign income out of the state tax base.
Committee staff described House Bill 26-42 as a technical and noncontroversial cleanup: federal changes rendered the phrase 'global intangible low tax income' (GILTI) obsolete and the bill strikes the words while retaining the IRC cross-reference.
Eric Stafford of the Kansas Chamber, vice president of government affairs, testified in support and explained that Kansas, which follows rolling conformity with federal changes, must update state code language to avoid unintentionally taxing foreign income. "We need to proactively take action to ensure that we keep foreign income out of our tax base," Stafford said. Staff and proponents characterized the bill as clarification rather than a change in policy; committee members had no substantive objections.
The hearing closed after proponent testimony with no in-room opponents.
