Lawmakers reach budget deal with tax-reform incentives
SALT LAKE CITY (AP) — Utah lawmakers want to make sure that sweeping tax reform happens soon, and they’re writing the budget to make sure of it.
Legislative leaders said Tuesday that they’re turning $330 million worth of ongoing funding into one-time money, meaning it could go away after a year if tax reform doesn’t come together.
They’re also forming a task force to study ideas, possibly including an increase in the sales tax on food.
Utah House Speaker Brad Wilson says they’re also setting aside $75 million they hope to use to cut taxes.
Lawmakers decided to postpone tax reform after a backlash over a host of proposed new taxes on services ranging from haircuts to legal work.
Leaders say it remains essential to bolster a sales-tax base that’s shrinking as people spend more money on services.