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Reduce Revenue By $475 Million.pdf

HB0054S04.fn.pdf
Preview of reduce revenue by $475 million
🔗 Source: le.utah.gov
📊 Size: 1.33 MB
📄 Pages: 2 pages
⬇️ Downloads: 86

Summary

H.B. 54 4th Sub. (Green) is estimated to reduce Income Tax Fund revenues by $6,670,000 in FY 2023, $475,400,000 in FY 2024, and $396,800,000 in FY 2025. If enacted and the proposed Utah Constitution amendment passes, the state sales tax rate on food and food ingredients would be removed starting January 1, 2025, reducing state sales tax revenue by approximately $83.8 million in FY 2025 and $211.1 million ongoing. The bill is expected to reduce income taxes for individuals and businesses, with varying impacts based on individual circumstances, and decrease sales tax liability for taxpayers.

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Description

H.B. 54 4th Sub. (Green) is estimated to reduce Income Tax Fund revenues by $6,670,000 in FY 2023, $475,400,000 in FY 2024, and $396,800,000 in FY 2025.

Technical Information

  • File Format: PDF
  • File Size: 1.33 MB
  • Pages: 2
  • Language: EN
  • Total Downloads: 86
  • Last Updated: 1 week ago

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