Utah Tax Commission Issues Notice on Insurance Premium Tax Rate on Workers’ Compensation Premiums

The Utah State Tax Commission July 1 issued a tax bulletin on the excise tax rate on workers’ compensation insurance premiums. Effective Jan. 1, the tax rate decreased to 1.25 percent. The tax rate applies to all taxable workers’ compensation premiums for the 2021 calendar year. Estimated quarterly prepayments should reflect the decreased rate. Taxpayers should report and pay the tax for the 2021 period on insurance returns TC-49 and TC-420, due March 31, 2022. [Utah Tax Comm’n, Tax Bull. 06-21, 07/01/21]

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