Utah lawmakers pass tax cut, send to governor for approval
Feb 10, 2022, 8:31 PM | Updated: Jun 13, 2022, 3:40 pm
(Jason Olson, Deseret News Archives)
SALT LAKE CITY (AP) — The Utah Senate has passed a $193 million tax cut, sending it to the desk of Gov. Spencer Cox, who is expected to sign it into law.
The tax cut parallels actions advancing in other legislatures in a year where states are flush with cash from higher-than-projected tax revenue and federal relief dollars.
If signed it will cut Utah’s income tax from 4.95% to 4.85% and provide additional relief for lower income families and social security beneficiaries.
More than 1 million taxpayers will save an average of $129 in income taxes, while about 81,000 families will receive refunds through the state earned income tax credit.