Kansas Lawmakers Hear About Potential $1.1B in Lost Property Taxes From Industrial Revenue Bonds

Kansas lawmakers hear about potential $1.1B in lost property taxes from industrial revenue bonds

TOPEKA — Kansas counties issued $18.3 billion in industrial revenue bonds to new and existing businesses between 2010 and 2024, leaving about $1.1 billion in potential property taxes on the table, legislators learned Wednesday. The Legislative Post Audit Committee reviewed…

Business incentive costs schools, local governments $1.1 billion in property tax revenue, audit shows

Local governments have exempted an estimated $1.1 billion in property taxes over 15 years when they issued industrial revenue bonds that were intended to foster new economic development or help existing businesses grow or remain planted in Kansas, a new report shows. The amount of foregone revenue could be much larger because the Sedgwick County appraiser's office didn't submit many applications seeking property tax breaks associated with the bo…