After the last scheduled meeting of a committee studying tax reform ahead of the 2018 legislative session, lawmakers remain unsure how they’d like to change the state’s tax code and how they’ll pay for any significant changes.
Among the largest possible changes envisioned by a draft, 233-page bill is a tax cut on manufacturing equipment that would cost the state an estimated $65.8 million and local governments $22.4 million in lost revenue over five years with no clear way to pay it.
Lawmakers listed a dozen changes to Utah’s tax code in the draft bill that they went over during a Revenue and Taxation Interim Committee meeting on Monday.