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08 October 2024

Utah law lowers personal income tax rate retroactive to January 1, 2024

Utah Governor Spencer Cox signed into law S.B. 69, which effective retroactive to January 1, 2024, lowers the state personal income tax rate from 4.65% to 4.55%.

The Utah Tax Commission has updated Publication 14, Withholding Tax Guide, to reflect the updated withholding formula and tables.

This is the third consecutive year that Utah has retroactively lowered the personal income tax rate. In 2023, H.B. 54 lowered the state personal tax rate from 4.85% to 4.65% and in 2022, SB 59 lowered it from 4.95% to 4.85%. (See EY Tax Alerts 2022-0793 and 2023-0861.) Employers are instructed to withhold Utah state income tax according to information employees provide on the Federal Form W-4. (Utah Rules R865-91-14 and 15.)

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Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor

Document ID: 2024-1845

 

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