Moody says tax legislation veto represents a ‘credit negative’ to Kansas

Gov. Sam Brownback_331296

TOPEKA, Kan. (AP) – Moody, a ratings agency, is criticizing Gov. Sam Brownback’s veto of tax legislation, saying it represents a “credit negative” to Kansas.

The Topeka Capital-Journal reports Brownback vetoed a bill that would’ve raised personal income taxes and reinstated a third tax bracket Wednesday.

Brownback called it a “punitive tax increase on working Kansans.”

The Legislature attempted to override the veto hours later. However, the veto fell short in the Senate.

Moody’s senior analyst, Dan Seymour, says Kansas will keep struggling to balance its budget if it continues with a lower-tax policy.

He says the state’s credit may be at risk in the future.

The vetoed bill would’ve raised more than $590 million next fiscal year.

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