The Utah House added an earned income tax credit and Social Security tax cuts to tax reduction package. Utah lawmakers say it provides targeted tax cuts to low- and moderate-income Utahns. The Utah Senate earlier approved a bill to drop Utah’s income tax rate from 4.95% to 4.85%.
Utah lawmakers took another step closer to approving a nearly $200 million tax cut this year, including a $160 million across-the-board income tax rate cut, a $25 million nonrefundable earned income tax credit, and a $15 million expansion for the state s Social Security tax credit.
Utah lawmakers are looking to cut the income tax rate, create a nonrefundable state earned income tax credit and expand eligibility for the state’s Social Security tax credit. The Utah Legislature intends to target tax cuts for low- and moderate-income Utahns.