Bill > SB0060

This bill amends Utah's income tax laws by reducing the general corporate income tax rate from 4.5% to 4.45% and introduces a tiered individual income tax rate structure, with a rate of 4.45% for income below a certain threshold and 5.15% for income at or above that threshold, where the threshold is initially set at $1,000,000 for tax years beginning in 2026 and will be adjusted for inflation annually thereafter. The bill also updates various tax credit calculations to use the new "income tax rate" instead of the previous flat percentage, impacting credits for recycling market development, Utah Educational Savings Plan contributions, capital gains, health benefits, military retirement, social security benefits, and survivor benefits, among others.

Budget and Finance

https://le.utah.gov/~2026/bills/static/SB0060.html