The Utah Senate on Thursday unanimously passed a nearly $200-million tax relief package that will lower the state’s income tax rate from 4.95% to 4.85%.
SB59, sponsored by state Sen. Dan McCay, R-Riverton, also includes the implementation of state Earned Income Tax Credit and an expansion to the state’s Social Security tax credit.
Earlier this year, Senate President Stuart Adams said the Utah Legislature was seeking to cut $160 million in tax cuts for Utahns. “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.Under the bill, a family of four, earning an annual income of $72,000 a year, would receive a tax cut of about $100 each year, or $8 a month.
The bill does not mention removing a sales tax on food, as several Democratic legislators hoped. But state Sen. Luz Escamilla, D-Salt Lake City, on Wednesday expressed approval about the creation of an Earned Income Tax Credit included in the bill.
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