November 2022 Newsletter
The Utah Taxpayer - November 2022 LEGISLATIVE ALERT: New Fiscal Year First Quarter Revenue Collections Are Out - An Even Bigger Surplus Than Previously Forecasted On the Horizon Based on the current trajectory and conservative assumptions going forward, the Utah Taxpayers Association believes that when lawmakers start planning for the next fiscal year (2024), they could be looking at an ongoing available revenue of over $3.0 billion and a one-time surplus of more than $3.4 billion.
Read the details here.
The Risks of Doing Tax Policy on the Ballot This election season, there are 25 tax measures on the ballot across 12 states, as well as numerous local and district tax issues. Although Utah doesn’t have any state-wide tax propositions, there are many bonds on local ballots which have potential tax implications. Voting by the public remains an often important component deciding various issues. However, there are some issues that are best drafted, reviewed, debated, amended and voted on in the legislature to make sure policy fulfills its intended goals. Read more here.
California’s Governor Newsom Ditches Common Sense On Gas Prices and Taxes - Gets an Economics 101 Lesson While Utah drivers face an upcoming state gas tax hike on January 1, 2023 of 4.5 cents per gallon, a much louder battle on the same subject is unfolding in California.