POLITICS + GOVERNMENT

Lawmakers pass two bills that could give people big tax breaks

Feb 29, 2024, 7:47 AM | Updated: Mar 25, 2024, 9:44 am

A State of Utah emblem is displayed in the Capitol in Salt Lake City on Friday, Feb. 23, 2024....

A State of Utah emblem is displayed in the Capitol in Salt Lake City on Friday, Feb. 23, 2024.

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SALT LAKE CITY —  Utah lawmakers passed two bills that could give people a couple of major tax breaks. 

The Legislature has agreed to invest nearly $170 million to lower the state income tax rate from 4.65% to 4.55%.

This is the third year of income tax reductions. According to Deseret News, the cost of the cut reached $160 million. The price is due to an expected rise in revenue collections. 

Additionally, lawmakers passed a bill that expands the $1,000 child tax credit. Currently, parents can only claim that tax credit if their kids are at least one, but no older than three years old.

If signed, the bill would expand eligibility to kids up to four years of age. People can claim that tax for each child in that age range on the last day of the given tax year.

Both bills are now headed to the governor’s desk to be signed into law. 

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Lawmakers pass two bills that could give people big tax breaks