It took only a few minutes Monday to bring back Gov. Jon Huntsman Jr.'s plan to boost economic development by repealing the state's corporate income tax.

Members of the Senate Revenue and Taxation Committee unanimously approved a bill that would phase out the 5 percent tax on business earnings by 1 percentage point a year starting in 2007.

"This is the centerpiece of the governor's tax revitalization (and) economic development through tax policy," SB195 sponsor Sen. Curt Bramble, R-Provo, told the committee. Huntsman has said doing away with corporate income tax by 2012 will attract new businesses — and new revenues — to Utah.

There was a brief question about the bill's fiscal note but no discussion of how much eliminating the corporate income tax would cost the state — some $200 million in money earmarked for education.

Also Monday, the House approved an amended — some would say gutted — version of the governor's proposal. That bill, HB78, does not include the phasing out of corporate income taxes but does provide a new formula that companies can use to calculate how much money they owe.

Sponsor Rep. Wayne Harper only half-jokingly said that before representatives amended the phaseout two weeks ago "this was a perfect bill."

HB78 as amended still keeps the dual-tax-configuration: A business can figure taxes two ways and choose the method that saves it the most money.

The new formula, known as a double-weighted sales factor, "gives us a competitive advantage over some businesses in other states," said Harper.

Harper, R-West Jordan, hinted that the Senate will pass the complete corporate tax-cutting package. And then it will be up to the House whether to stand in the way of the governor's economic development plans or not.

Next year the bill's bifurcated tax-formula plan will cost the state between $7 million and $8 million. Because of that price tag, the bill still has to be prioritized by the GOP caucuses before it can get final passage.

Senate President John Valentine, R-Orem, said the House bill all but guarantees that at least the change in the formula will be approved this session. If the corporate income tax repeal doesn't pass this year, Valentine said it would be sent to the Tax Reform Task Force approved by the Senate Monday. The task force, which still must win the support of the House, will also examine personal income and sales taxes.

Some opponents of removing the corporate income tax this session have said the decision should be made at the same time lawmakers consider altering other taxes, for example extending sales tax to services or establishing a flat income tax rate.