Thursday, May 3, 2012
Kansas House and Senate negotiators have revised a tax-cutting plan to address concerns about possible future budget problems.
The negotiators agreed Thursday on language reducing individual income tax rates less aggressively than earlier planned.
The measure will also phase out income taxes for 191,000 businesses and reduce the state sales tax to 5.7 percent from the
current 6.3 percent in July 2013.
The negotiators revised the plan after legislative analysts said an earlier version could create a budget shortfall of $712 million by mid- 2018.