Utah Gov. Spencer Cox signed a series of bills to finalize a $400 million tax cut, including decreasing the state's income tax rate from 4.85% to 4.65%.
's tax relief, which amounts to around $208 in annual savings for an average family of four making $80,000 per year.
"It's not often when you've been a state for over 120 years that you get to do things that are really historic, and today is one of those truly historic days," Cox said during a ceremonial signing in the Gold Room at the Capitol. "I just want to use this moment to encourage the people of Utah to vote to remove the sales tax on food," he said. "I think that this is good for everyone, especially those who are struggling to make ends meet."also expands the Social Security tax credit to people earning up to $75,000 per year, allows pregnant women to claim a double dependent exemption for children the year they are born, and increases the earned income tax credit from 15% to 20% of the federal tax credit.
"We've said 2023 was going to be the year of the tax cut again and again and again," he said. "But behind each one of these tax cuts is a record effort in spending. It's pretty amazing that you're able to cut taxes. A lot of states do that. A lot of legislatures do that.
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