- Associated Press - Monday, May 18, 2015

TOPEKA, Kan. (AP) - A new proposal for narrowing a tax break for business owners and farmers has emerged in the Kansas House.

The House Taxation Committee introduced the measure Monday and scheduled a Tuesday hearing on it.

Chairman and Republican Rep. Marvin Kleeb of Overland Park said the proposal could raise between $45 million and $55 million during the fiscal year beginning July 1.

Legislators must close a budget shortfall projected at $406 million for the next fiscal year. The gap arose after lawmakers cut personal income taxes in 2012 and 2013 at Gov. Sam Brownback’s urging to stimulate the economy.

One policy exempted the profits of 281,000 business owners and 53,000 farmers from income taxes.

The bill introduced Monday would exempt only the first $150,000 of their profits for this year.

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