Kansas HB2090: Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts

What the bill says

An act concerning economic development; relating to income and privilege tax incentives for employee savings accounts; establishing the Kansas employee emergency savings account program; providing an income and privilege tax credit for certain eligible employer deposits to employee savings accounts established under the program; providing a subtraction modification for certain employee deposits to savings accounts established under the program; amending K.S.A. 2024 Supp. 79-32,117 and repealing the existing section.

From the introduced text, January 23, 2025:

AN ACT concerning economic development; relating to income and privilege tax incentives for employee savings accounts; establishing the Kansas employee emergency savings account program; providing an income and privilege tax credit for certain eligible employer deposits to employee savings accounts established under the program; providing a subtraction modification for certain employee deposits to savings accounts established under the program; amending K.S.A. 2024 Supp. 79-32,117 and repealing the existing section. Be it enacted by the Legislature of the State of Kansas: New Section 1. (a) The purposes of this act shall be to: (1) Provide assistance to eligible employers with recruiting and retaining employees in a challenging labor market through incentives to contribute to employee emergency savings accounts; (2) encourage employees of eligible employers to save money for emergencies, increase financial security and avoid high-cost borrowing; and (3) encourage financial literacy. (b) There is hereby established the Kansas employee emergency savings account program for taxable years 2025 through 2027. Any eligible employer may participate in the Kansas employee emergency savings account program provided in this section by submitting an application to the secretary and complying with the requirements of this section. The application shall be prepared in such form and manner as required by the secretary and shall be submitted at a time to be determined and specified by the secretary. …