Salt Lake Chamber: Business Watch: 2022 Legislative Updates – Week 6

Salt Lake City UT

26 February, 2022

1:35 PM

Description

Press release from the Salt Lake Chamber: MBomis 2022-02-25 We are 86% through the legislative session, and the last day – March 4th – will soon be upon us. The bottom line is bills are moving very fast through both the House and the Senate toward quick final passage. Governor Cox continues to sign some bills into law, and a sense of urgency permeates the body.  Representative Spendlove's State and Local Tax (SALT) bill HB 444, Income Tax Revisions, made it to committee and passed with a favorable recommendation from the House Revenue and Tax Committee. This bill would eliminate the 10k dollar tax cap from federal filing if itemized federal taxes were filed under a pass-through entity.  Senator Cullimore's SB 227, Consumer Privacy Act, legislation often referred to as the "Red State Model," was heard in the Senate Revenue and Tax Committee and received a favorable recommendation. While viewed primarily as a problem needing a federal fix, this bill was introduced to balance business and consumer privacy rights at the state level to spur action. This legislation is also being passed in other states, including blue states, creating a patchwork of regulatory consistency.   Speaker Brad Wilson also led and received overwhelming support for his HB 410, Great Salt Lake Watershed Enhancement. This bill is heading to the Senate for likely passage.   HB 438, Point of the Mountain State Land Authority Amendments, sponsored by Rep. Snow, authorizes the Point of the Mountain State Land Authority to impose an energy sales and use tax. Additionally, it modifies the membership of the loan committee and moves the ability to approve a loan from this committee to the Authority board. Last, it includes requiring a lessee of the Point to pay an annual fee and provides for the levy and collection of the fee.  HB 443 S1, Utah Inland Port Authority Amendments, sponsored by Rep. Schultz, was introduced and read this week, passing with a favorable recommendation setting up the final House reading. The bill modifies the board, making it more industry-centric, and requires Salt Lake City to enter into an agreement with the Inland Port on property tax revenue sharing. The Port Authority will be able to use tax increment financing for business recruitment incentives.  SB 182 S2, Digital Asset Amendments, sponsored by Sen. Cullimore, passed the Senate and was introduced into the House. The Substitute Bill was adopted and removed the fee schedule on financial institutions, but maintains defining and ownership of digital assets.   HB 35, Economic Development Modifications, Sponsored by Rep. Handy and Sen. Winterton HB 130, Driver License Test Amendments, Sponsored by Rep. Bennion and Sen. Hinkins HB 193, Full-Day Kindergarten, Sponsored by Rep. Waldrip HB 242, Secondary Water Metering Amendments, Sponsored by Rep. Peterson and Sen. McKell HB 410, Great Salt Lake Watershed Enhancement, Sponsored by Rep. Wilson and Sen. Vickers HB 444, Income Tax Revisions, Sponsored by Rep. Spendlove HB 462, Utah Housing Affordability Amendments, Sponsored by Rep. Waldrip SB 140, Housing and Transit Reinvestment Zone Amendments, Sponsored by Sen. Harper and Rep. Handy SB 212, Manufacturing Modernization Grant Program, Sponsored by Sen. Millner and Rep. MossThis press release was produced by the Salt Lake Chamber. The views expressed are the author's own.