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Utah House approves across‑the‑board income tax cut, expands credits for seniors and families
Summary
The House passed First Substitute House Bill 54 on Feb. 22, 2023, cutting the state income tax rate from 4.85% to 4.65%, raising Social Security tax‑credit thresholds and increasing the earned income tax credit. Supporters say new revenue funds the cuts; opponents warned about distributional effects. The bill passed 65–7 and will go to the Senate.
The Utah House of Representatives on Feb. 22 passed First Substitute House Bill 54, a package of tax changes that reduces the state individual and corporate income tax rate from 4.85% to 4.65% and expands several credits benefiting seniors and families. Representative Steve Eliason, the bill sponsor, told colleagues the rate cut amounts to “about a $380,000,000 tax cut” and that the measure also raises the Social Security tax credit thresholds, creates a double…
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