SALT LAKE CITY, UTAH (February 28, 2019) – Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance, issued the following statement on HB 441, Tax Equalization and Reduction Act:
“As Utah’s ‘Voice of Business,’ the Salt Lake Chamber supports the Utah Legislature taking bold action to implement an updated, balanced approach to Utah’s tax policy. To keep Utah’s economy moving forward and provide for its citizenry, the state’s aging tax structure must be modernized. As our economy continues to shift from a goods-based economy to a services-based economy, our tax base begins to diminish and Utah’s budget fades with it. Simply increasing the sales tax rate would be a short-sighted fix to a long-term issue. Instead, by working with our legislature, we can find a better solution that provides a more permanent fix.
“HB 441 is a monumental step forward in ensuring Utah continues to lead the nation in economic growth. By removing tax exemptions and spreading tax burden, we can lower the sales and income tax rates and provide fairness and flexibility for business-to-business transactions and stability for the state’s general fund. Tax reform provides continued funding of government services critical to our economy and allows business to flourish in a low tax rate environment.
“Utah has always been one of the few states to be prepared for, and therefore less affected by, the ebb and flow of the national economy. Tax modernization is the next step in providing for Utah’s future. By taking this proactive approach, we will lead the nation in our commitment to be economically stable and forward facing.
“As a statewide chamber, our mission is to represent Utah’s business community across multiple industries and to support fiscal stability that ensures economic prosperity for the long term. We recognize there are industries that may feel uniquely affected by tax reform efforts. We strongly encourage every business to read the bill and identify possible unintended consequences.
“While the Salt Lake Chamber supports this effort to broaden the tax base AND lower the income and sale tax rates, we recognize the current version of H.B. 441 is neither perfect nor final. We welcome input from the business community to address concerns and refine the bill.”
For more information on the Chamber’s Tax Modernization efforts, visit utah.tax