The Salt Lake Chamber, Utah’s largest and longest-standing business association, released its white paper on tax reform.
Following the last legislative session and the legislature’s efforts to restructure Utah’s Tax Code, the Chamber held eight industry-specific working groups to listen to business leaders, gather input and consider ideas and solutions for tax restructuring. Three hundred business leaders participated in these groups, resulting in the Chamber’s white paper on tax reform.
The three overarching recommendations in the white paper include, foremost that the purpose of any change to the current tax code must always be continuing the state’s economic prosperity. Second, adherence to the principles wisely put into place decades ago: simplicity, efficiency, flexibility, transparency and stability. Third, avoiding taxation of services that result in tax pyramiding (double taxation or a tax on a tax) and excluding business to business inputs.
Earlier this week, Derek Miller, president and CEO of the Salt Lake Chamber and Steve Starks, CEO of the Larry H. Miller Group and Immediate Past Chairman met with legislative leadership to present the white paper and emphasize these principles and goals.
“Utah has long benefited from strategic economic and tax policies that have contributed to Utah’s exceptional business environment,” said Miller in his letter to the membership. “We look forward to our continued work with the business community to advocate and advance your interests while we work with legislative leadership as they make important decisions for the state’s future.”
The Salt Lake Chamber is fielding a group of industry experts to provide input to legislators and task force members as the process continues and invites the legislature to call upon this group to find solutions that best support Utah’s continued economic prosperity.
To view the president’s message to the membership, visit https://bit.ly/31ZJeWk.
To view the complete report and suggested considerations, visit https://bit.ly/2zf0cDy.
