Audit: Tax ‘discrepancies’ cost Utah at least $1 million
SALT LAKE CITY (AP) — An audit discovered Utah residents may be claiming more tax credits than they earn.
The state’s legislative auditor report, released Tuesday, detailed these “discrepancies” that possibly cost Utah over $1 million over the past five years.
One of the audit’s authors, Deanna Herring, says it is unclear whether the discrepancies were result of Utah residents claiming tax credits inappropriately, or whether the claims were held over from previous years. It’s also possible the unapproved claims were filed erroneously. Herring says sorting out the situation would require an audit of each tax return that claimed one of the questionable credits.
The report says, over the past five years, the state’s General Fund missed out on over $44 million while education funding took an almost $30-million hit due to energy-related tax breaks.