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House approves tax changes aimed at smoothing local revenue volatility
Summary
The House passed first substitute HB328 on March 6, 2015 by a 40-30 vote. Sponsors said the bill removes commodity-based and business personal property from the ‘new growth’ calculation to reduce volatility and increase transparency; counties and some rural representatives warned it will shift winners and losers.
The Utah House passed first substitute HB328 on March 6, 2015, a package of tax-code changes intended to reduce volatility in local revenue calculations. Representative McKay, the floor sponsor, said the bill removes commodity-based resources and business personal property from the new-growth calculation, and restores value from certain redevelopment activity to the rolls so…
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