This bill amends the corporate income tax rates; provides retrospective operation.
Each domestic, foreign corporation, unless exempt, shall pay an annual tax to the State based on the corporation's taxable income, at rate of 4.55%, (previously 4.65).
Legislative History
On Jan. 16, 2024, bill introduced in the Senate; on Feb. 1, 2024, bill passed in Senate.
On Feb. 1, 2024, bill introduced in the House; on Feb. 28, 2024, bill passed in House.
Effectiveness
Effective May 1, 2024; retrospective operation for taxable years on/after Jan. 1, 2024.
Mar. 2024 UTA LEG Governor Approval
On Mar. 14, 2024, UTA LEG reported that governor signed bill SB 69 into law.
