Chairperson Smith opened the hearing for HB2642.

Mr. Siebers provided an overview for HB2642 that removes an obsolete reference to global intangible low-taxed income that was previously provided for under the federal internal revenue code. (Attachment 6)

Mr. Siebers stood for questions from Committee members.

Chairperson Smith noted HB2642 is a clarification and will not have any fiscal impact.

Proponent:

Eric Stafford, Vice President of Government Affairs, Kansas Chamber, testified as a proponent for HB2642 which addresses the need to decouple from federal changes under the One Big Beautiful Bill tax reform.  

Mr. Stafford stood for question from Committee members.

Opponent or neutral testimony for HB2642 was not submitted.

Chairperson Smith closed the hearing for HB2642.