Despite pressure to bridge a $400 million budget gap, a state income tax exemption for small business income reported by partnerships, limited liability- and S-corporations came through the Kansas Legislature's veto session unscathed. This year's tax debate as well as the whole legislative session will be reviewed during the Kansas Independent Oil & Gas Association's annual convention, Aug. 2-4 at Wichita's Hyatt Regency and Century Ⅱ Expo Hall, confirms President Edward Cross. Cross notes that going into the legislature's annual "veto session"-which extended into mid-June-the Consensus Revenue Estimating Group projected a roughly $400 million shortfall for the fiscal 2016 budget. He says state revenues dropped partially as a result of oil and gas severance tax collections falling $25 million since November 2014. Lawmakers expected severance taxes to yield $42 million less in the upcoming fiscal year, he adds.
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