On February 21st, 2018, the Taxation and Revenue Committee of the Utah House of Representatives approved via a 9-0 vote House Bill 375 which would provide substantial relief of the personal property tax burden on Utah businesses. HB 375 in its current draft form would exempt from taxation business personal property that has a total aggregate value per county of $50,000 or less. Current law provides an exemption for tangible personal property having an aggregate value of only $10,000 or less.
HB 375 is expected to be debated soon by the full Utah House, and if it passes, will be considered by the Utah Senate.
You may personally track the progress of HB 375 by going to the Legislature’s website here: https://le.utah.gov/~2018/bills/static/HB0375.html
Vest Pocket will continue to monitor the progress of HB 375 and urges all business owners to contact their Senators and Representatives and urge them to vote in favor of the bill.