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Utah House approves tax-rebalancing bill to stabilize education funding, freezes property tax rate for five years
Summary
In a 50-23 vote the Utah House passed first substitute House Bill 293, reducing the income tax rate slightly, freezing the basic property-tax rate at 0.0016 for five years, and tying 15% of any increase in the weighted pupil unit to property-tax funding to generate an estimated $125 million over five years.
SALT LAKE CITY — The Utah House of Representatives on March 8 passed first substitute House Bill 293, a tax-rebalancing package the sponsor said will steer new dollars to K-12 education and create greater stability in property-tax revenue for schools.
Under the bill, the individual and corporate franchise income tax rate is reduced from 5.00 percent to 4.95 percent and the Legislature would set a floor for the basic property-tax rate at 0.0016 for five years. The measure also links 15 percent of any increase in the weighted pupil unit (WPU) to property-tax revenue, a change sponsors said will help equalize funding for districts with low assessed…
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