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Senate approves first substitute changing WCF tax status and board structure
Summary
Lawmakers approved a first substitute to SB 63 that removes a federal tax exemption for the state’s workers’ compensation fund, changes board selection and limits the fund’s insurance activities while allowing reinsurance; sponsor said the move aims to keep Utah’s workers’ comp rates competitive.
The Senate on Day 9 approved a first substitute to SB 63 that changes governance and tax treatment of the Utah Workers’ Compensation Fund (WCF).
Senator Bramble presented the measure, saying it “effectively revokes the federal tax exemption currently enjoyed by” the WCF, revises how board members are selected, removes a statutory reference to the governor’s office of economic development and clarifies…
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