The primary piece of the tax cut puzzle drops Utah’s corporate and personal income tax rate from 4.85% to 4.65%. Most taxpayers will see their income tax bill shrink by $500 or less annually.
Utah’s food tax will not be cut unless voters agree to a constitutional amendment that will change how lawmakers spend income tax revenues.
In the final weeks of the 2023 session, lawmakers shoehorned an additional tax reduction measure into the bill, eliminating the state portion of the income tax on food. That part only takes effect if voters approve a change to Utah’s Constitution that will be on the 2024 ballot. Sales taxes on groceries provides an estimated $211 million per year in revenue. According to lawmakers, expanding the constitutional earmark for income taxes will give them enough budget flexibility to make up that lost revenue.
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