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Senate panel backs bill to change tax apportionment for banks; fiscal note $16 million
Summary
The Utah Senate Revenue and Taxation Committee voted unanimously Feb. 14 to adopt and recommend favorably the first substitute of Senate Bill 2 19, which removes an employee-and-property apportionment penalty for financial institutions; the bill carries a $16,000,000 fiscal note, sponsors said.
The Utah Senate Revenue and Taxation Committee on Feb. 14 adopted and recommended favorably the first substitute of Senate Bill 2 19, Financial Institution Tax Amendments, a measure sponsors say will remove an employee-and-property apportionment penalty applied to banks' investment income. The committee adopted the first substitute and then voted 3–0 to recommend the bill to the full Senate.
Proponents said the change aligns statutory language with a long-standing Tax Commission administrative rule and is aimed at keeping banks and investment operations in Utah. "We have a tax cut, and it's an important tax cut," said Steve Young, an attorney with Holland & Hart speaking…
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