Income tax cuts are uncertain as Coronavirus affects state budget
Mar 9, 2020, 8:01 PM | Updated: Mar 12, 2020, 9:16 am
SALT LAKE CITY – Utah lawmakers had planned to give people an $80 million income tax cut. But now those cuts may not happen as Coronavirus starts impacting state budgets.
Senate President Stuart Adams (R-Layton) said the Coronavirus has hurt the stock market and oil prices, and he urged lawmakers to be “prudent” with the budget.
“I think it makes us pause as to…what kind of tax cuts we outta do in the face of not knowing what is happening in our economy,” Adams said during a news conference at the Utah State Capitol.
Senate Majority Leader Evan Vickers (R-Cedar City) is also leaning towards not supporting an income tax cut this year.
“We would prefer, at least right now, to hold onto that money and keep it for a future tax cut. Or, I would hate to say, but possibly even…use it for some type of emergency situation [or] recession,” Vickers said.
Lawmakers are also blaming the Coronavirus for a drop in tourism to Utah.
Several legislators said they also want to protect the education budget, which was increased this year.
However, a tax cut for some people on Social Security may still happen to help them ride out a recession
