SALT LAKE CITY (ABC4) — The Senate unanimously approved the SB 59 state income tax rate cut on Thursday.
The bill will cut taxes for Utahns by $192.9 million and is now heading to Governor Cox for consideration.
SB 59 reduces the personal and corporate income tax rate for all Utah residents from 4.95% to 4.85%. A tax cut of $163.7 million.
The Senate-approved bill also increases eligibility for a Social Security tax credit for seniors. A $15.4 million tax cut while establishing an Earned Income Tax Credit (EITC). A $16.1 million tax cut.
“Today is a good day as we again cut taxes and put more money back into the hands of hard-working Utahns,” President J. Stuart Adams said. “The Legislative Assembly has worked to ease tax burdens and the growth of inflation through a balanced, deliberative and thoughtful process. This will ensure that Utah remains the best place to live, work, and raise a family. After such a tough few years, the Utahns deserve this relief.
Governor Cox also issued a statement regarding his excitement for the bill moving forward.
“As a freshman legislator nine years ago, I supported an earned income tax credit to benefit low- and moderate-income Utahns. Every year since I have worked to get the EITC enacted. I couldn’t be more excited to finally bring this bill to the finish line. Together, these tax cuts will return hard-earned money to Utah families and ease current inflationary pressures. These tax cuts are a tremendous win for Utah families and seniors, and I look forward to signing this bill into law.