Treasurer Johnson commends unanimous passage, signing of bill strengthening tax-advantaged savings programs

 

TOPEKA – (April 4, 2024) – Kansas State Treasurer Steven Johnson today commended the passage and signing of Senate Bill 360, which makes improvements to the tax-advantaged savings programs administered by the State Treasurer’s Office.

 

“We are excited that Kansans will now have the opportunity to make state-tax-deductible contributions to their Learning Quest 529 accounts, ABLE savings accounts and First-Time Home Buyer savings accounts up to the tax filing deadline and elect to have those contributions count toward the previous year,” Johnson said. “This aligns these contribution deadlines with the deadlines for other tax-advantaged accounts, like IRAs. Kansas taxpayers will now have the opportunity to plan for and make additional contributions to these accounts as they are preparing their tax returns in the spring, rather than needing to make those contributions by December 31.”

 

Because the bill contained a provision making the deadline change retroactive to the 2023 tax year, Kansans who wish to make additional 2023 contributions to these accounts by April 15 may now do so. Please consult with your financial advisor or tax preparer for additional information.

 

In addition to extending the contribution deadline, the bill also codifies the Treasurer’s Advisory Committee, which helps provide oversight for the state’s 529 education savings plan.

 

The bill passed the Senate 40-0 and the House of Representatives 123-0, and was signed into law by Gov. Kelly today.

 

More information on these savings programs can be found on the treasurer’s website at https://kansascash.ks.gov/savings.html.

 

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