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Senate debate centers on SB 133, a one-year tax credit to expand small-employer retirement access
Summary
Senate sponsors and colleagues debated second substitute Senate Bill 133, which would offer a one-year $500 tax credit to small employers that sign up employees for a payroll-deduction retirement plan and direct the state treasurer to issue an RFP to vet private plans; debate focused on fiscal cost (~$550,000), whether the state would compete with private industry, and program design.
Senators debated second substitute Senate Bill 133, a measure to encourage more Utah workers to save by offering employers with fewer than 100 employees a one-year $500 tax credit if they enroll in a qualified payroll-deduction retirement plan.
Sponsor Senator Wyler said the bill aims to increase access to workplace retirement and ‘‘prime the pump’’ for private savings, noting that ‘‘the average Utahan . . . has less than $5,000 saved for their own retirement.’’ He described two core program features: the…
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