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.
We will leave discussions about your withholdings to your tax accountant, but we can try to help you understand what has been going on with state taxes in Utah.
As the economy continues to become more service-oriented rather than goods-oriented, Utah needs to adapt by taxing services and reducing overall tax rates. The result could mean a net win for Utah taxpayers—something for which we are a bit overdue.
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.
