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Senate approves bill to decouple Utah corporate tax from federal GILTI treatment
Summary
The Senate voted to advance SB 53, which would remove global intangible low‑taxed income (GILTI) from Utah's corporate tax base and return the state to its prior definition of taxable corporate income; the fiscal note estimates an $11 million annual revenue reduction to education funds.
Sen. Fillmore moved and the Senate advanced Senate Bill 53 on a roll-call showing 21 yeas and 8 nays, approving a measure to decouple Utah's corporate income tax from the federal GILTI (global intangible low‑taxed income) treatment.
The bill would restore Utah's previous definition of corporate income, excluding certain foreign‑source earnings that were included under…
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