The numbers are in: Utah has a $97 million surplus
SALT LAKE CITY – Final revenue numbers have been released for fiscal year 2018-2019, and they show Utah has a $97 million surplus. But some lawmakers think the state still needs to overhaul its tax code.
Income tax revenue grew at 8.3%, more than double the 4% growth analysts were projecting.
This is good news for the education fund, which is running a $140 million surplus.
Gas taxes met expectations, while taxes on special fuels also took in more than expected.
Opponents of a plan to slap taxes on services like Uber say this shows Utah does not need to change its tax code since the state is taking in more than it spends.
But sales and corporate tax revenue fell far short of projections. Those shortfalls mean the General Fund, which pays for law enforcement and most non-education programs, has a $43 million deficit.
Supporters of a tax code change believe a General Fund shortfall like this is not sustainable. However, details of the tax overhaul have not been released.
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