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Income tax cut bill passes in Utah Senate, House may make deeper cuts

On The Money-NerdWallet-Financial Blind Spots
Posted at 1:15 PM, Jan 28, 2022
and last updated 2022-01-28 16:19:37-05

SALT LAKE CITY — The Utah State Senate passed a bill Friday that will lower the state's income tax rate by a percentage point.

In a party-line 22-5 vote, Senate Bill 59, which will lower the rate to 4.85%, was passed and now moves to the Utah House of Representatives.

If the rate remains at 4.85%, an average family of four in Utah making $72,000 would get about $98 back each year. Speaking to reporters on Friday, House Speaker Brad Wilson, R-Kaysville, signaled the rate could drop even further and additional tax cuts could be made.

"I think you will see the House probably adding some additional tax cuts to the tax bill," he said. "Those will be targeted more to some of our lower income individuals or retirees."

Bills to eliminate the state portion of the sales tax on food is not likely to go anywhere in the Republican-dominated legislature.