Lawmakers looking for lower tax rates but more revenues

Jan 22, 2018, 8:16 AM

Follow @kslmrichards...

The 2018 Utah Legislative Session begins Monday. Tax reform is one of the biggest issues they will be facing.

Both Utah’s governor and House Speaker Greg Hughes used the term “broaden the base and lower the rate.”

But first they have to figure out what federal tax reform means for state revenues. The Deseret news reports:

The question of what the impact the $1.5 trillion tax cut just passed by Congress will have on state income tax collections is expected to be answered at least in part Monday, the start of the 45-day legislative session.

If it’s a windfall, that means not only will there will be more money to spend, there will be enough to cut taxes, too. That’s something leaders of the GOP-controlled Legislature already have expressed interest in doing.

But if there turns out to be little or no additional revenue, it’ll be back to business as usual with lawmakers juggling an ever-growing list of budget requests. Because this is an election year for most lawmakers, there will still be a push to reduce taxes.

Legislative fiscal analysts had previously projected there could be an additional $75 million to $100 million in income tax revenues for the budget year that begins July 1, on top of the $4.45 billion already projected.

However, the nation’s new tax law has turned out to be so complicated that the fiscal analysts, along with Gov. Gary Herbert’s budget office and the Utah State Tax Commission, are scrambling to figure out the impact.

On Monday, they’re expected to jointly announce there may be more money depending on how the IRS handles a hefty new tax break for small businesses and professionals who file individual rather than corporate income tax returns.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Politics + Government

(Utah State Capitol.  Photo: Paul Nelson)...

Mariah Maynes

Gov. Cox not planning to veto any 2024 legislative session bills

As the 2024 Utah legislative session draws to a close, Gov. Cox said he is not planning to veto any bills. 

18 hours ago

great salt lake shown, a bill to preserve the lake has passed...

Adam Small

Utah Legislature passes massive bill aimed at helping Great Salt Lake

This bill subjects mineral extraction companies to the same rules as every other water user in Great Salt Lake Basin.

1 day ago

possible new jazz arena shown in rendering of downtown salt lake...

Carter Williams, KSL.com

Utah lawmakers pass bill for new downtown NBA/NHL arena after last-minute changes

Utah lawmakers have approved a bill that paves the way for a new arena in downtown Salt Lake that could house the Utah Jazz and a potential NHL league.

1 day ago

Lake Powell as seen from Navajo Mountain. The Navajo Nation is asking why their request for funding...

Eric Cabrera

Navajo Nation left wondering why funding continually denied

The Navajo Nation is asking why their request for funding for a road has been denied for the last 15 years.

1 day ago

Wednesday afternoon, a bill banning transgender-related surgery passed its first hurdle on capitol ...

Adam Small

What bills still need action on the final day of the 2024 Legislative Session

The final day of the 2024 Legislative Session has arrived and there are bills that need action in these last hours.

1 day ago

Fields in Utah County, near Spanish Fork, on Tuesday, Jan. 30, 2024....

Adam Small

Utah Legislature passes criticized, generational out-of-state water bill

The bill creates a new council with authority to negotiate with nearby states to get more water into Utah.

2 days ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

Lawmakers looking for lower tax rates but more revenues