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Committee advances bill to sequester unanticipated federal-driven income-tax revenue
Summary
House Bill 216 would require material, federally driven increases in state income-tax revenue to be held in a restricted account and require explicit legislative action before the funds are spent, a change proponents say would increase transparency and force lawmakers to decide how to use such revenue.
The Utah House Revenue and Taxation Standing Committee voted unanimously to pass favorably House Bill 216, income tax revenue amendments, a bill that would automatically place materially increased state income-tax revenues—when the increase stems from federal changes—into a restricted account until the Legislature decides how to allocate the funds.
Representative Thurston, the bill sponsor, said the measure is meant to address what he described as a "passive tax increase" that occurred after prior federal tax changes. "When you do it the way they did it, they change the definition of what's taxable income," Thurston said, describing how…
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