Tax cuts move the dial away from government overreach while protecting citizens and increasing incentives for businesses. It is clear that tax cuts fall in line with the “Utah way,” which has made the state successful for decades.
This bill will amend the corporate franchise and income tax rates, amend the individual income tax rate, and exempt certain pieces of personal property from sales and use tax.
Going into the 2021 session, legislative leaders were committed to a tax cut of at least $80 million, but that number ended up being closer to $100 million. Though there were proposals for a broad income tax rate cut, the...
This bill would provide for a one-time $256 million income tax cut that would be made permanent if income tax receipts continue to grow at a steady pace.
This bill sets up a mechanism by which Utahns who are going to be paying additional state income tax can instead receive those funds back by way of a credit.
This bill lowers the state individual and corporate income tax rates down from 5% to 4.925%, resulting in an $80 million tax cut for Utahns.