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Utah Senate restores state tax deduction for FDIC insurance premiums, 28-0
Summary
The Utah Senate passed SB 12 on third reading to restore a state subtraction for FDIC deposit-insurance premiums removed by federal tax changes, citing competitiveness for Utah banks and an estimated $2 million fiscal effect already accounted for in the special-session budget.
The Utah Senate on the floor passed SB 12, FDIC Premium Deduction Amendments, on third reading and sent the bill to the House after a 28–0 recorded vote with one senator absent. Sponsor Sen. Curt Stevenson said the bill restores a state tax subtraction for FDIC insurance premiums that Congress narrowed in its federal tax reform, returning affected banks to their pre-02/2018…
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