The Utah Senate debated S.B. 11, Retirement Income Tax Amendments, which reduces individual income taxes for those on social security and for military retirement pay was debated yesterday during afternoon Senate floor time.
“This tax relief bill provides much needed aid to Utahns across the state,” said Sen. Wayne Harper, the bill sponsor. “The Legislature set aside $80 million for tax relief two years ago. Due to unforeseen circumstances with COVID-19, the tax cut was put on hold. We are now finishing what we started by providing significant tax relief to Utahns. S.B. 11 will help more than 19,000 veterans and 67,000 retirees who are on fixed incomes.”
According to a statement sent out by the Senate, Utah is in a position to reduce taxes because the state took a “blended approach of protecting lives and livelihoods” during the current pandemic.
“My colleagues in the Senate Minority Caucus and I are overjoyed with the Senate’s decision to bring forward S.B. 11, Retirement Income Tax Amendments,” said Minority Leader Karen Mayne. “We overwhelmingly support this bill and have continually advocated for a solution to the problem of social security benefits being taxed. This is a commonsense piece of legislation that will support veterans and seniors.”
Over the next seven weeks, the Legislature will debate and consider all tax relief options.
“Creating tax cuts for Utahns has been one of our top priorities for the 2021 General Session,” said Senate President J. Stuart Adams. “After a difficult year, we felt it important to get money back into the hands of Utahns. This bill does exactly that. I am thrilled the Senate is promptly and meticulously taking steps to reduce taxes.”
Watch the floor debate here. Track the progress of this bill and other bills from the 2021 General Session at le.utah.gov.