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Committee advances competing income‑tax measures amid debate over automatic cuts and timing
Summary
The Revenue and Taxation panel advanced a first substitute to SB116 (automatic income‑tax rate reductions tied to revenue growth) and favorably recommended SB60 (0.5 percentage‑point cut). Lawmakers debated timing, effects on appropriations and social services, and whether reductions should be automatic or tailored annually.
The Senate Revenue and Taxation Committee on Jan. 28 advanced multiple income‑tax proposals that would reduce or automate reductions in Utah's income‑tax rate, setting up a negotiation over competing approaches.
Senator Fillmore presented a first substitute to SB116, which would trigger automatic, incremental income‑tax rate reductions when state revenue growth exceeds a formula that accounts for population growth and inflation. Under the sponsor's description, the mechanism establishes multi‑year revenue targets and reduces the rate by…
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