Tax News Update    Email this document    Print this document  

October 8, 2024
2024-1845

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.)

* * * * * * * * * *
Contact Information

For additional information concerning this Alert, please contact:

Workforce Tax Services - Employment Tax Advisory Services

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

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement