SALT LAKE CITY — Senate Democrats joined Republicans on Thursday and voted unanimously to support a state income tax cut.
The cut lowers the income tax rate from 4.95% to 4.85%.
For an average family making $72,000, that equals about $100 back in the tax cut. The bill now includes an earned income tax credit and a social security cut for lower-income Utahns. Both were things Democrats supported.
The bill now heads to Governor Spencer Cox, who said in a statement he would sign it. He pushed a food tax credit (which lawmakers have so far rejected) but was open to an earned income tax credit.
"I could not be more excited to finally get this piece of legislation across the finish line. I also look forward to signing into law income tax cuts for all Utahns in addition to expanded Social Security tax cuts for Utah’s most vulnerable seniors. I applaud the Legislature on their efforts in arriving at this bipartisan and balanced outcome," Gov. Cox said. "All together, these tax cuts will return hard-earned money to Utah families and alleviate 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."
