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Committee backs bill to sequester revenue from passive federal tax changes until legislature acts
Summary
The committee recommended first substitute House Bill 216, which would sequester any additional revenue Utah receives from federal tax code changes into a restricted account until the Legislature votes to spend or return it.
The Senate Revenue and Taxation Committee voted to forward first substitute House Bill 216 to the floor with a favorable recommendation. The bill requires that revenue Utah receives solely because of changes in the federal tax code be placed in a sequestered account and only released after a legislative vote.
Representative Thirsk, sponsor of the bill, said the measure responds to a 2017 federal tax change that altered Utah’s definition of taxable income and produced what she described as a “passive tax increase” to the state. She said the bill…
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