HB0105 | Reductions to Income Tax

Description

General Description:

This bill amends the income tax rates.

Highlighted Provisions:

11 This bill:
12▸amends the corporate franchise and income tax rates (from 4.95% to 4.75%); and
13▸amends the individual income tax rate (from 4.95% to 4.75%).
This bill takes effect for a taxable year beginning on or after January 1, 2023.

Fiscal Note of 320 Million

Bill Details

Bill Number:

HB0105

Year:

2022

Status:

House/ filed

Last Action:

Mar 04, 2022

Fiscal Note

Fiscal Note Amount:

None

View Fiscal Note

Utah PTA Response

Utah PTA Position

Oppose

2022 Income Tax Position Statement: Unless specifically targeted to low socio economic classes and military families, Utah PTA opposes broad income tax reductions as these directly affect funding for education.

Utah PTA Resolution:

EDU 2021-1 | Education Funding (retired)

Impact on Children:

Utah is 50th state with per pupil spending. While we have stretched our budget in admirable ways, Utah PTA recommends that Utah be in the 3rd quartile of per pupil spending before considering tax cuts. Children are shortchanged when other states consistently outspend us per pupil. Utah has a difficult time recruiting and retaining teachers. Class sizes are higher than the national average. This impacts the quality of education we can give to our students.

Commission:

Education

Utah PTA Public Policy Program

National PTA and Utah PTA Resolutions:

Resolved, That Utah PTA continue to urge the legislature to make public education revenue allocations and funding effort a high priority; and be it further Resolved, That Utah PTA encourage the legislature to adequately fund critical educational needs, including but not limited to, class size reduction, teacher salaries, technology, textbooks and supplies; and be it further Resolved, That Utah PTA supports the maintenance of a stable funding mechanism to support public education based on the following principles: enrollment growth; inflation; support of a K-12 education Economic Stabilization Restricted Account; funding the USBE Strategic Plan, and; the Governor’s 10-year Education Roadmap; and be it further