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House approves 1% capital-gains reduction after contentious debate, 45–27
Summary
After several hours of debate, the Utah House passed House Bill 127 to reduce the capital‑gains rate from 7% to 6% (a 1 percentage‑point reduction) on a 45–27 vote. Supporters called it pro‑growth; opponents said it disproportionately benefits higher earners and risks school funding.
The Utah House passed House Bill 127 on a 45–27 vote, cutting the state capital‑gains tax rate by roughly one percentage point in a debate that split lawmakers along fiscal‑policy and equity lines.
Representative Jim Farren, the bill’s sponsor, framed the proposal as an economic stimulus: “When I speak of a $26,000,000 tax cut, we're not talking about a cut at all. We're talking about a reduction in the rate of increase,” he said, arguing the change would unlock capital and spur construction and investment in Utah. Farren…
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