Utah lawmakers eye further tax cuts after $3B projected budget surplus for 2023

In this file photo, Gov. Spencer Cox gives his first State of the State address before the Utah Legislature, Salt Lake City, Utah, Jan. 21, 2021 | Pool photo, St. George News

SALT LAKE CITY — State lawmakers are already planning further cuts to state income taxes, after a report projected the state could have more than $3.3 billion in budget surplus going into next year.

Last week, during the final full week of interim meetings ahead of the 2023 general session in January, Utah’s Revenue and Taxation Interim Committee approved draft legislation that would reduce the state income tax rate from 4.85% to 4.8%.

The bill comes less than a year after the Legislature approved a $200 million tax cut this winter, and is likely the first proposal of many to further reduce the tax burden on Utahns.

Sen. Curt Bramble, R-Provo, said as much during the committee’s meeting on Wednesday, asking other lawmakers to recognize that the bill is a “starting point, and that there are significant ongoing discussions about a comprehensive approach to tax policy and tax reductions as we move into the session.”

Read the full story here: KSL News.


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