Utah Tax Commission Issues Tax Bulletin on Reduction of Workers’ Compensation Insurance Premium Tax Rate

The Utah State Tax Commission Dec. 1, 2019 issued a tax bulletin on the excise tax rate on workers’ compensation insurance premiums. Effective Jan. 1, 2020, the tax rate will decrease to 2.75 percent. The tax rate applies to all taxable workers’ compensation premiums for the 2020 calendar year. Estimated quarterly prepayments should reflect the decreased rate. Taxpayers should report and pay the tax for the 2020 period on insurance returns TC-49 and TC-420. Insurance returns are due March 31, 2021. [Utah Tax Comm’n, Tax Bull. 12-19, 12/01/19]

Reference: View Source Document.