A bill supporting a state income tax cut was voted unanimously by Senate Democrats and Republicans on Thursday. With the bill passing the Utah Legislature, it will now head onto Gov. Spencer Cox.
The proposed tax cut will lower the income tax rate from 4.95% to 4.85%. The bill will also include an earned income tax credit and a social security cut.
According to a statement made by Gov. Spencer Cox, he plans on signing the bill when it reaches him. Cox was open to an earned income tax credit but was ultimately pushing for a food tax credit that has so far been rejected by Utah lawmakers.
Gov. Cox applauded the Legislature for their efforts and for arriving at a balanced outcome. He believes that these tax cuts will help return hard-earned money to Utah families.
