Pub 1 2012 Issue 1

6 Leading advocate for the banking industry in Kansas. GOVERNOR UNVE I L S TAX REFORM PACKAGE IS A BOARD PORTAL RIGHT FOR YOU? By Doug Wareham, Senior Vice President - Government Relations By Mike Norris, Senior Vice President - Member Services A FTER MONTHS OF speculation, Kan- sas Governor Sam Brownback un- veiled his pro-growth tax reform package immediately after presenting his state of the state address to a joint- session of the Kansas Legislature onWednesday, January 11th. The Governor’s proposal reduces the number of state income tax brackets from three to two and reduces rates from 3.5% to 3% for Kansans with incomes under $15,000 and from6.45% to 4.9% for individual income of $15,000 or greater ($30,000 for married filing jointly). If adopted, the individual income tax rates being proposed would make Kansas the second lowest (Colorado at 4.63%) individual income tax rate in the six-state region. A THE KBA RECENTLY endo r s ed t he CSI Web@Work s u i t e o f p r o - grams, which includes their Board Portal solution. After numerous conversations with bankers concerning the preparation and distribution of materials for their board of directors, the KBA approached CSI about their Board Portal. What is a board portal? A board portal is a secureWeb site where directors can access confidential company data from anywhere they can access the Internet. Instead of waiting for a paper package to be assembled and shipped, directors may instantly and securely access board docu- ments as soon as they are posted to the portal. The plan also eliminates individual income tax on non-wage business income as reported by LLCs, S-corps and sole propri- etorships. A top priority, expressed by the Governor during his statehouse address, is allowing Kansas small businesses to retainmore of their earnings to create and grow jobs. While the proposal doesn’t contain an immediate reduction in the current state corporate income tax rate, which currently stands at 4% plus a 3% surcharge for corporate income above $50,000, it does call for future reductions to both corporate and individual income tax rates if state revenues increase by more than 2% in any given year. Hearings by the Senate and House Taxation Committees are already underway. Stay tuned to KBA’s weekly legislative bulletin for the latest details on the tax policy debate at the Kansas Statehouse. Board portals are easy to use and cost effective. Simple clicks guide the directors to required information. Automatic alert features can automatically notify directors when content becomes available, and security features can limit viewing of certain materials to specified board members or committees. Portals also integrate with the newest technologies like smart- phones, iPads and other mobile devices. Should your bank be taking advantage of this opportunity to engage your board of directors in a more innovative, cost- effective way? Please let me know if you’d like more information on the Board Portal solution offered by CSI and endorsed by the KBA.