UTA LEG Corporate Income Tax Rate

On Feb. 28, UTA LEG passed bill decreasing income tax rates.

  • UTA Leg passed bill SB 69 regarding corporate and personal income tax amendments.
  • Amends UTA LEG 59-7-104; UTA LEG 59-7-201; UTA LEG 59-10-104; for tax rate.
  • Bill Provisions
  • This bill amends the corporate income tax rates; provides retrospective operation.
  • Each domestic, foreign corporation, unless exempt, shall pay an annual tax to the State based on the corporation's taxable income, at rate of 4.55%, (previously 4.65).
  • Legislative History
  • On Jan. 16, 2024, bill introduced in the Senate; on Feb. 1, 2024, bill passed in Senate.
  • On Feb. 1, 2024, bill introduced in the House; on Feb. 28, 2024, bill passed in House.
  • Effectiveness
  • Effective May 1, 2024; retrospective operation for taxable years on/after Jan. 1, 2024.
  • Mar. 2024 UTA LEG Governor Approval
  • On Mar. 14, 2024, UTA LEG reported that governor signed bill SB 69 into law.

Regulators UTA LEG
Entity Types Corp
Reference Act, Bill, 3/14/2024; Bill SB0069, 2/28/2024; Citation: *UTA LEG* 59-7-104, 59-7-201, 59-10-104;
Functions Accounting; Financial; Legal; Tax
Countries United States of America
Products Corporate
Regions Am
Rule Type Final
Rule Date 2/28/2024
Effective Date 5/1/2024
Rule Id 202774
Linked to N/A
Reg. Last Update 3/14/2024
Report Section US Investment

Last substantive update on 03/20/2024