Utah Trims Corporate, Individual Tax Rate, Creates Birth Bonus

Companies and individuals in Utah will see a reduction in the state income tax rate under a bill Gov. Spencer Cox signed Wednesday.

The measure, HB 54, drops the flat rate that applies to both personal and corporate incomes to 4.65% from 4.85%, and increases the state’s earned income tax credit for low-income people to 20% from 15% of the federal EITC.

• Among other provisions, ...