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Senate passes income-tax interest-rate amendment to align state rates with federal short-term rate
Summary
House Bill 7 passed in the Senate on Oct. 11, 1993, changing tax interest calculations to an index (2% over the federal short-term rate) and aligning rates the state pays and charges; senators debated retroactivity and effects on federal retirees and court precedent.
The Utah Senate approved House Bill 7 on Oct. 11, 1993, amending the tax code’s interest calculations on overpayments and underpayments by tying the statutory rate to an index — 2 percentage points over the federal short-term rate — and making the payout rate equal to the rate the state charges. Sponsor Senator Stevens framed the measure as a technical correction related to federal-retiree litigation and an effort to…
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