Bills / H.B. 587
H.B. 587 Income Tax Amendments
- Introduced
- House committee (stopped here)
- House vote
- Senate committee
- Senate vote
- Signed into law
What this bill does
This bill changes Utah's corporate franchise and income tax rates and the individual income tax rate, though the material does not state the new rates. It also requires taxpayers to add back domestic research and experimental expenses they fully deducted on their federal return, while allowing them to subtract those expenses over an amortization schedule on their state return.
Plain-English summary written by AI from the official description. Check the official text below.
Official description
- amends the corporate franchise and income tax rates
- amends the individual income tax rate
- creates an addition for domestic research and experimental expenditures that a taxpayer fully deducts on the federal tax return for a taxable year
- authorizes a taxpayer that adds back domestic research and experimental expenditures to subtract those expenditures according to an amortization schedule on the state tax return
What it costs you
- The state would collect $123 million less in taxes and fees in FY2027. Spread across Utah's 1,124,822 households, that's about $109 less each. Who actually pays depends on the bill.
- State spending from tax funds goes up by $3,900 in FY2027.
- The official fiscal note on residents and businesses:
Enactment of this legislation could reduce income taxes for individuals and businesses by an estimated $1,300,000 in FY 2026, $123,000,000 in FY 2027, and $101,000,000 in FY 2028 in aggregate, resulting from the lower income tax rate; individual impacts will vary.
From the bill's latest official fiscal note, counting the state's tax funds (General, Income Tax, Education, Uniform School, and Transportation) in the first full budget year after the session. Some bills take effect partway through that year, so later years can be larger; the note shows each year. Household count: U.S. Census Bureau. An average is a starting point, not your bill.
Your legislators on this bill
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