A family of four, earning an annual income of $72,000 a year, would receive a tax cut of about $100 each year under the bill.
The Highway Patrol posts the colors for the start of the 2022 legislative session in the Senate chamber at the Utah Capitol in Salt Lake City on Tuesday, Jan. 18, 2022.Utah Gov. Spencer Cox has signed a nearly $200 million tax relief package that will lower the state’s income tax rate from 4.95% to 4.85% for residents and corporations.
The Utah Senate gave unanimous final approval of the tax cut package on Thursday afternoon with 28 votes. Hours after its passage in the Legislature, Cox said he looked forward to signing the bill. He penned his name to the legislation Friday. In January, Senate President Stuart Adams said the Legislature was seeking to provide $160 million in tax relief for Utahns, calling 2022 “the year of the tax cut.” After weeks of negotiations, the Legislature later included another $16 million in establishing an Earned Income Tax Credit and about $15 million in expanding the state’s Social Security tax credit, totaling just over $190 million worth of tax cuts.
“I appreciate the work we’ve done to make sure that all of our families are taken care of and that we are being more mindful in some of the unique situations that our families are in,” said state Sen. Kathleen Riebe, D-Cottonwood Heights, after the bill received 28 votes from the Senate.
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