Deseret News: The Utah Legislature Approved Another Tax Cut. Here’s What Taxpayers Need to Know
media mentionUtah lawmakers dropped the state’s income tax rate again this year.
The reduction in the individual and corporate state income tax rate from 4.65% to 4.55% adds up to nearly $170 million, slightly more than the amount set aside in December for an unspecified tax cut by the powerful Executive Appropriations Committee made up of legislative leadership.
The higher price tag is due to updated revenue forecasts showing an anticipated increase in income tax collections and the Legislature’s longtime Republican supermajority left little doubt they intended to continue to lower the state income tax rate. A tax cut was announced as a top GOP priority even before the session began in mid-January.