The Utah State Tax Commission released a bulletin on the insurance premium tax rate for workers’ compensation premiums, effective Jan. 1, 2025. The Commission noted that: 1) the workers’ compensation insurance premium tax rate will decrease to 1.2 percent beginning on the effective date; 2) the tax rate applies to all taxable workers’ compensation premiums for the 2025 calendar year; and 3) taxpayers must report and pay this tax for the 2025 period on insurance returns TC-49 and TC-420, with a due date of March 31, 2026. [Utah Tax Comm’n, Bulletin 24-24, 11/01/24]
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