Members of the Kansas House Tax Committee will hear a measure today to remove income tax exemptions that benefit LLCs and lower the state sales tax on food from 6.5 percent to 2.6 percent.
“It’s the right thing to do,” said Kent Thompson, 9th District representative. Even so, he also thinks it’s unlikely to pass, if it reaches the House floor for debate.
He estimated more than half the 330,000 Kansas businesses, including farms, that benefit most from the 2012 income tax cuts are LLCs. The import is that being a limited liability corporation shelters personal assets from taxation.