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Senate advances bill to adopt single‑sales‑factor apportionment for corporate tax; fiscal note cited
Summary
Senate Bill 59 would shift corporate income tax apportionment to a mandatory single‑sales‑factor; sponsors said it is intended to attract jobs, while supporters and critics disputed the size and impact of a fiscal note (a $12 million net reduction was cited on the floor).
Senator Stevenson presented Senate Bill 59, which would require a single‑sales‑factor apportionment for corporate income tax in Utah. Stevenson said studies by the Tax Review Commission and interim committees show the change would help attract and retain high‑paying jobs by favoring businesses that locate payroll and property in the state while…
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