No big tax cuts are coming for Kansas residents despite surplus cash in the state treasury.

Republican leaders went into the final days of the GOP-controlled Legislature's annual session hoping to override Governor Laura Kelly's veto of a bill cutting taxes nearly $1.4 billion over the next three years. Legislators adjourned Friday night without overriding Kelly's veto or passing an alternative. State Senator Virgil Peck explains the two main reasons Kelly says she vetoed the bill.

The state now expects to have a surplus of nearly $2.6 billion at the end of June 2024, on top of $1.6 billion socked away in a separate rainy-day fund.