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Senate advances measure to index income-tax brackets; tables it on third reading pending fiscal review
Summary
Senate Bill 24, which adjusts Utah income-tax brackets for inflation, cleared second reading amid debate over fiscal notes and distributional effects; senators ultimately tabled the measure on the third-reading calendar to allow budget adjustments and possible rate changes.
Senate Bill 24, introduced by Senator Nielsen, would tie state income-tax brackets to inflation to prevent taxpayers from being pushed into higher brackets by inflation alone. On Jan. 20 the Senate debated the bill at length, discussing its fiscal impact (a projected fiscal note of about $3.275 million in 2003) and…
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