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Income Tax Rate Would Drop Under House Bill

Income Tax Rate Would Drop Under House Bill

SALT LAKE CITY — Income tax rates would drop slightly and corporations would get a tax break under a bill advanced Thursday by a House committee that now embodies pieces of a Republican leadership tax package that is still in the works.

HB355, sponsored by Rep. Dan McCay, R-Riverton, would drop the state's 5 percent individual and corporate income tax rate to 4.95 percent and would switch to a single sales factor formula for corporate taxes.

SALT LAKE CITY — Income tax rates would drop slightly and corporations would get a tax break under a bill advanced Thursday by a House committee that now embodies pieces of a Republican leadership tax package that is still in the works.

HB355, sponsored by Rep. Dan McCay, R-Riverton, would drop the state's 5 percent individual and corporate income tax rate to 4.95 percent and would switch to a single sales factor formula for corporate taxes.

The House Revenue and Taxation Committee approved sending the bill to the full House 6-2, with House Minority Leader Brian King and House Minority Whip Joel Briscoe, both D-Salt Lake City, opposed.

Read More: https://www.deseretnews.com/article/900011743/income-tax-rate-would-drop-corporations-would-get-a-break-under-bill-advanced-in-house.html