Bill > SB0116

This bill modifies income tax provisions in Utah by slightly reducing the corporate and individual income tax rate from 4.55% to 4.5% for both domestic and foreign corporations and resident individuals. The changes apply to taxable years beginning on or after January 1, 2025, and will take effect on May 7, 2025. The bill maintains the existing minimum tax requirement of $100 for corporations, ensuring that even small businesses will pay at least this base amount. The modifications apply to sections of Utah Code related to corporate taxation (Sections 59-7-104 and 59-7-201) and individual income taxation (Section 59-10-104). While the tax rate reduction is modest, it represents a small potential financial benefit for businesses and individuals subject to Utah state income tax. The bill does not change exemptions for certain corporations or individuals already specified in the existing tax code.

https://le.utah.gov/~2025/bills/static/SB0116.html