Utah Income Tax Increase (2010)
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A Utah Income Tax Increase may appear on the November 2010 ballot in Utah as an initiated state statute.
Ballot measure details
The following is the submitted ballot measure text:[1]
This bill amends the individual income tax act by repealing the single rate individual income tax and establishing a graduated bracket system for individuals and trusts and estates.
This bill:
- Repeals 2007 and 2008 income tax provisions that imposed a single rate individual income tax for individuals and trusts and estates, with these changes to be effective on or after January 1, 2010;
- Restores and revises traditional Utah tax rates and brackets, requiring brackets to be adjusted in accordance with the consumer price index, thereby correcting 35 years of bracket creep;
- Restores critical education funds lost due to tax cuts of 2007 and 2008;
- Establishes a unique income tax credit of $300 per married couple/head of household and $150 per single/married filing separately -- by reducing the tax rates to 0 percent for married filers earning less than or equal to $10,000 taxable income or single filers earning less than or equal to $5,000 taxable income; and
- Converts income tax credits established in omnibus H.B. 359 (2008) into traditional subtractions from federal taxable income to determine state taxable income, excluding the state subtraction for 50 percent of federal taxes paid.
Fiscal impact
According to the Governor's Office of Planning and Budget the fiscal impact of the proposed Utah Income Tax Initiative is $2,400,000 from the education fund, $36,500 from the general fund and an annual income tax increase of $218,500,000. Additionally, the petition calls for $2,400,000 for the tax commission and $36,000 from the Lieutenant Governor in order to implement the changes.[2]
Path to the ballot
In order to qualify for the ballot, the measure's supporters will have to collect 94,552 signatures by April 15, 2010.
See also
External links
- Text of initiative
- Estimated fiscal impact
- List of sponsors
- Utah initiatives currently in circulation
References
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