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Utah Cuts Corporate and Individual Tax Rates — Orbitax Tax News & Alerts

On 22 March 2023, the governor of the U.S. State of Utah announced (via Twitter) the signing of the largest tax package in Utah's history. This includes the signing of House Bill (HB) 54, among others, which provides for a reduction in the flat tax rates on both corporations and individuals from 4.85% to 4.65%. The rate reductions apply retrospectively for taxable years beginning on or after 1 January 2023.