SALT LAKE CITY (ABC4 News) – The state of Utah is currently sitting on a $1.5 billion budget surplus and on Monday legislative leaders announced they’re giving $100 million of that money back to the taxpayers.
“Today we want to put money back in the hands of the Utahns that need it the most, specifically Utah’s families, veterans, and seniors,” Senate President Stuart Adams (R) Layton, said at a news conference.
Three bills would provide a combined $100 million in tax relief to those three groups. Senate Bill 153, Utah Personal Exemption Amendments, restores part of the dependent tax exemption for children.
“With this tax cut, a family with three kids, just like my own, our state income tax will go down by $200,” Anthony Neal said.
Senate Bill 11 is designed to help Utah veterans by eliminating state income tax on military retirement pay and House Bill 86 eliminates income tax on some social security income.
69-year-old Lou Carroll is a retired widower, who lives on his Social Security check.
“You go to a grocery store, they don’t care that you’ve got a fixed income,” Carroll said. “You go buy gasoline, they don’t care you’ve got a fixed income and so any time you can get some assistance like this, it’s a definite benefit.”
Executive Director of Community Action Partnership of Utah Clint Cottam says extra tax savings are nice but the Legislature should think about investing the money into solutions for persistent problems like affordable housing, underfunded schools, and poor air quality. He had this advice for lawmakers.
“It’s just to be cautious mostly and to think strategically,” Cottam told ABC4 News. “‘What is the best use of this money to help everyone long-term, not just now?'”
To read more about Senate Bill 153, go to: https://le.utah.gov/~2021/bills/static/SB0153.html
|SB0153 – le.utah.gov The Capitol Complex is open to the public with some limitations. All meetings are still available virtually online. Please visit the Capitol Information page for details.le.utah.gov|
To read more about Senate Bill 11, go to: https://le.utah.gov/~2021/bills/static/SB0011.html
To read more about House Bill 86, go to: https://le.utah.gov/~2021/bills/static/HB0086.html
|HB0086 – le.utah.gov The Capitol Complex is open to the public with some limitations. All meetings are still available virtually online. Please visit the Capitol Information page for details.le.utah.gov|