Daily Tax Update - June 7, 2017: Kansas Legislature Overrides Tax Package Veto

Kansas Legislature Overrides Tax Package Veto:  Yesterday, the Kansas Legislature voted to override Governor Sam Brownback’s veto of S.B. 30, which eliminates a tax cut package passed in 2012. The bill eliminates an income tax exemption for passthrough income and reintroduces a third tax bracket for high income taxpayers. The Senate vote was 27-13, while the House vote was 88-31. Estimated revenue increases from the bill are approximately $600 million per year. 
Senate Holds Hearings on Treasury Nominees:  Today, the Senate Finance Committee held a hearing to consider the following nominations for the Department of the Treasury:

  • David Malpass to serve as under secretary for international affairs
  • Andrew Maloney to serve as assistant secretary for legislative affairs
  • Brent MacIntosh to serve as general counsel

Multilateral Convention to Implement Tax Treaty Measures Signed at OECD:   Officials from 76 countries and jurisdictions signed or expressed intent to sign a multilateral convention to implement a series of tax treaty measures to update the existing network of bilateral tax treaties and reduce opportunities for tax avoidance by multinational enterprises. The first modifications to tax treaties are expected to enter into effect in early 2018.