SB0059S04 | Tax Amendments

Description
General Description: 

This bill modifies income tax provisions.

Highlighted Provisions: 

"13 ▸amends the corporate franchise and income tax rates (from 4.95% to 4.9% of a corporation's Utah taxable income; and
14 ▸amends the individual income tax rate (from 4.95% to 4.9%).
Starting on January 1st, 2023"

Fiscal Note: Enactment of this legislation could decrease revenue to the Education Fund by approximately $78.5 million ongoing beginning in FY2023, offset by ($53.8 million) one-time in the first year. These calculations are based on February 2021 revenue estimates and will change as the forecast is updated.

Bill Details
Bill Number: 
SB0059S04
Year: 
2022
Status: 
Governor Signed
Last Action: 
Feb 11, 2022
Sponsor
Senator
Daniel McCay
Republican - District 11
Fiscal Note
Fiscal Note Amount: 
$0
None
View Fiscal Note
Utah PTA Response
Utah PTA Position
Oppose

Utah PTA Income Tax Position Statement 2022: 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: 

Children do not benefit from reductions in public education spending. The loss to education funding is estimated to 93 Million. 

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

That Utah PTA oppose vouchers, tax credits and deductions and other similar funding sources for public and private preschool, elementary and secondary school tuition and other education-related expenses for students

Utah PTA Legislative Policy: 

Continued maintenance of the constitutional guarantee of financial support for public schools as the first claim on state revenues.

Utah PTA Legislative Priorities: 

Point 1 "Support a 5% WPU increase with maximum flexibility to be used for purposes such as recruiting, supporting, and retaining teachers or upgrading buildings to be physically safe and secure".