Utah Proposes Significant Tax Reform Changes Including a Discussion on Lowering the Corporate Income Tax Rate.

Utah Gov. Jon Huntsman has proposed several initiatives in the way of tax reform for the 2006 legislative session. One proposal includes a discussion on lowering the corporate income tax rate.

“At one time, there was a proposal to completely eliminate them,” says Jeff Edwards, president and CEO, Economic Development Corporation of Utah, the public-private partnership that promotes the state. “I am not sure that it has the political backing to happen, but I suspect there will be a change in our corporate income tax rate, which is currently 5 percent,” Edwards says. “The rate is pretty average among Western states, somewhere in the middle.”

Additional tax reform proposals include a reduction of the personal income tax rate from 7 percent to 5 percent; and an elimination of the sales tax on food.

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