Utah – Tax Reform Bill To Include $75 Million Tax Cut

SALT LAKE CITY — There’s going to be a $75 million cut in the state sales tax rate in the massive tax reform bill that’s now being revised, House Speaker Brad Wilson said Tuesday.

“It’s complex. I understand that,” Wilson, R-Kaysville, told House Democrats during their midday caucus about HB441, sponsored by Rep. Tim Quinn, R-Heber City, calling the bill “the right fix” for what is seen as a structural imbalance in the budget.

A House vote on Quinn’s bill is expected Thursday, once a new version is drafted to cut the current 4.7 percent state sales tax rate over three years starting in 2020 while extending sales taxes to a wide range of services.

There will be separate rates through 2022 in the bill — higher for the existing tax base, made up almost entirely of goods, and lower for the new sales taxes on everything from haircuts to lawn care and legal services.

By 2022, both goods and services would be taxed at the same rate, 3.1 percent in the original bill. Quinn estimated the $75 million cut could drop the rate by 0.1 percent in the first year of the phased-in reductions.

For The Full Story: Deseret News

deseret news/politics
by lisa riley roche
march 5, 2019


https://saltcpa.com/ https://validate.saltcert.com/# https://saltcert.com/forms/