Bill > HB0155

This bill modifies the personal property tax exemption in Utah by increasing the threshold for tax-exempt tangible personal property from $25,000 to $100,000 per county, and adjusting the implementation timeline. Starting January 1, 2027, the state tax commission will annually adjust the exemption amount based on the consumer price index (CPI), calculated using federal Internal Revenue Code methods. The bill defines key terms like "supplies" (consumable business items) and "taxable tangible personal property" to clarify what is and isn't exempt. Items not critical to a business's operations and costing less than $500 will also be tax-exempt. County assessors will be required to notify taxpayers when they become eligible for the exemption and will not need to request annual signed statements from taxpayers who consistently qualify. The bill aims to simplify property tax reporting for businesses and provide a more flexible, inflation-adjusted exemption threshold. The changes will take effect on January 1, 2026, giving local governments and businesses time to prepare for the new regulations.

Budget and Finance

https://le.utah.gov/~2025/bills/static/HB0155.html