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.
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.
