The Legislature's approval of a tax rebate was the best thing lawmakers could have done for the state and its taxpayers, the Utah Taxpayers Association says.
"The Legislature took a colossal step at Tuesday's special session to bolster Utah's sagging economy and restore the people's confidence in the state's political and legislative process," Jack Olson, UTA executive vice president, said Friday."The Utah Taxpayers Association board applauds the Legislature for returning the bulk of this year's $110 million surplus to taxpayers, for restoring one-third of the federal income tax deductibility and cutting income tax rates" by 5 percent, he said.
Olson said lawmakers were very open in admitting they goofed last year, even though they blamed bad revenue-projection information for prompting a tax increase of $272 million rather than the $162 million intended.
The rebates will amount to 12.5 percent of the state tax payment.
"Every government lobbyist in the state was on the hill twisting arms, but in the final hours the lawmakers voted to honor their promise made last year to give back any tax collection overages," Olson said.