#2021 UTAH INCOME TAX BRACKETS CODE#

He said the commission found that a lot of this amount was back taxes that people paid in order to refinance their home. Currently, Valentine said, the state is up 8% in just sales tax, which is one of the largest state revenue sources along with income tax.Īnother factor causing the increased tax revenue was $720 million collected in delinquent taxes, which Valentine said is higher than normal. Valentine said Utah saw a 300% increase in online sales during the fiscal year.įederal stimulus money allowed people to spend more, which also benefited sales tax revenue.

#2021 UTAH INCOME TAX BRACKETS CODE#

He said that shortly before COVID-19 hit, the Utah tax code changed to include taxes on remote sales, which helped the state not lose sales tax revenue. Our income tax rebounded significantly, and candidly, our sales tax really didn't have the big fall off that many places did,' Valentine said. 'We had a very robust increase in 2021 where we rebounded faster than the rest of the national economy. However, there were other factors, including growth in Utah's population and economy. One major component of the increase is the extended tax deadline to July 2020, which pushed some income tax revenue into the 2021 fiscal year the 2021 extension was shorter and kept the taxes within the same fiscal year. Spencer Cox has suggested a food tax credit, and reducing income tax rates was suggested by another Utah lawmaker, Valentine said. This significant boost in tax revenue, he said, could lead to changes during the upcoming Utah legislative session. John Valentine, Utah State Tax Commission chairman, said it is the highest amount the state has collected for taxes in a fiscal year. The Utah State Tax Commission's annual report, released Wednesday, showed a total revenue of $13.97 billion in the 2021 fiscal year - an increase of $3.26 billion, or 30.5% over 2020 revenue. Utah's tax revenue is up, despite and partially because of various COVID-19 policies and reactions.

2021 utah income tax brackets