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House raises business personal-property exemption, citing relief for small businesses
Summary
The House passed first-substitute HB 41 to raise the exemption for business personal property (sponsor said raising the threshold will reduce audits and compliance burdens; fiscal note estimated a $2.9 million tax shift), moving the bill to the Senate for consideration.
The Utah House on Feb. 28 approved first-substitute House Bill 41, which raises the exemption threshold for business personal property in an effort to reduce audits and compliance cost for small businesses. Representative Patrick Painter, sponsor, framed the bill as a way to ease burdens on owners who spend significant time on personal-property filings and audits.
Painter said the original proposal considered…
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