SALT LAKE CITY — A bill will be introduced in the next legislative session to cut the state income tax rate.
Senate Majority Leader Evan Vickers, R-Cedar City, has opened the bill file to reduce Utahns’ income tax rate from 4.95% to 4.9%. That will be about $65 million, he said in an interview with FOX13Now.
“We feel like our economy’s in a position right now where we could look at a strategy like that,” Sen. Vickers said. “We did actually look at that strategy along with some of the targeted cuts last year, but we felt it wasn’t the right time.”
What the legislature passed was $100 million in cuts to the military retirement income tax and the Social Security income tax, as well as restoring the dependent exemption. While the legislature felt some pressure to cut the overall income tax, they did not.
Now, the legislature is seeing healthy revenues and federal stimulus and Sen. Vickers said it was time to offer a broader cut.
Read the full story here: Fox13Now
Written by BEN WINSLOW, Fox13Now.com
Copyright 2019, KSTU. A Tribune broadcasting station