Utah Gov. Spencer Cox signs $193M tax cut into law

By SAM METZ
Associated Press

SALT LAKE CITY (AP) — Utah Gov. Spencer Cox has signed a $193 million tax cut into law. Cox said in a statement that the cuts “will return hard-earned money to Utah families and alleviate current inflationary pressures.” The tax cut parallels actions advancing in other legislatures in a year where states are flush with cash from higher-than-projected tax revenue and federal relief dollars. The new law cuts Utah’s income tax from 4.95% to 4.85% and provides additional relief for lower income families and social security beneficiaries. More than 1 million taxpayers will save an average of $129 in income taxes, while about 81,000 families will receive refunds through the state earned income tax credit.