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.
However, while common sense is the norm in Utah when discussing energy prices, the Governor of California, Gavin Newsom, has apparently thrown common sense out the window on his latest politically pandering rant.
Read reactions here.
Utah 8th in State Business Tax Climate Index How Can We Improve? Utah has long-since prided itself on its status as a tax-friendly state. A recent annual report from the Tax Foundation confirmed that Utah remains one of the top ten states in the nation in terms of tax friendliness for businesses; however, with other states reducing or eliminating their income tax and taking other measures to cut taxes, Utah will have to start doing more to maintain or improve its place in the rankings. Review the recommendations here.
Save the Dates New Elected Officials Training Dates: Monday, December 12th, 2022 or Tuesday, December 13th, 2022 Time: 10am - 12 noon or 1pm - 3pm Location: Seagull Room, State Capitol Deep dive into understanding property taxes, income taxes, sales tax and the budget in Utah
Legislative Outlook Conference Date: Tuesday, January 10th, 2023 Time: 9am - 12 noon Location: Imperial A, Grand America Hotel Featured speakers including Governor Spencer Cox, Speaker of the House Brad WIlson, Senate President Stuart Adams and many more!
Member Meeting Date: Friday, November 18th, 2022 Time: 2pm Location: This will be hosted virtually. Please contact autumn@utahtaxpayers.org if you would like to attend virtually.
Association Accomplishments in October Started planning the Legislative Outlook Conference scheduled for January 10, 2023 Attended October Interim Meetings at State Capitol Featured speaker on taxes for the Utah/Idaho Chapter of the Financial Planning Association Attended annual COST and NTC meetings In The News
Orem, Alpine School District split debate centers on whose math you believe - KSL How will the $595 million bond for Alpine School District affect residents?- KSL Property tax bill could end a free ride to many water users in Utah’s drought- Fox 13 Salt Lake City voters will decide on an $85M boost to parks and open spaces- KUER
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