During this discussion, Senator Lincoln Fillmore sponsored Senate Concurrent Resolution 7, which contains a much-needed message of caution — don’t assume spikes in revenues continue indefinitely. In addition to calling on local governments to consider any above-trend tax revenue as one-time revenue when setting budgets, the resolution also urges the need to consider federal relief funds as temporary.
This bill would allow homeowners, over the age of 75, with an income of less than $65,000 a year, to apply to forgo the payment of property tax until the sale of their home or a transfer of ownership takes place.
If Utah does not provide property tax relief to this population, older Utahns across our state will continue to worry that their property tax bill will be larger than what they can afford, and they might be forced out of their homes and communities.
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 addresses Utah's budget surpluses by placing excess income tax funds into a restricted account, rather than just treating it as regular revenue.
