Bill > HB0587

This bill modifies income tax provisions by lowering the corporate tax rate from 4.5% to 4.45% for both domestic and foreign corporations doing business in Utah, while maintaining a minimum tax of $100. It also reduces the individual income tax rate for resident individuals from 4.5% to 4.45%. These changes will take effect on May 6, 2026, and will apply retroactively to taxable years beginning on or after January 1, 2026.