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Senate approves tax-revision bill that phases out corporate income tax; opponents cite risks to school fund
Summary
The Senate passed First Substitute Senate Bill 195, a tax-revision package with a phased corporate income tax reduction and changes to multistate allocation; supporters pitched it as an economic-development tool while opponents warned of potential hits to the Uniform School Fund.
The Utah Senate on Feb. 23 passed First Substitute Senate Bill 195, a tax overhaul measure that includes double-weighting sales in the multistate allocation formula and a phased reduction of corporate income taxes.
Senator Bramble described the measure as a centerpiece of the governor’s economic-revitalization plan. He said the change…
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