Post by Logan on Feb 28, 2017 12:51:02 GMT -6
Senate gives early approval to $60 million manufacturing tax break as food tax hike waits in wings
Utah's manufacturing industry would see a roughly $60 million tax break under a bill that gained preliminary approval of the Utah Senate on Monday.
Senators voted 21-4 in favor of SB197, which extends an existing tax exemption to include manufacturing equipment with a depreciation term of three years or less.
Bill sponsor Sen. Stuart Adams, R-Layton, said that manufacturing is at the core of economic development.
Excluding short-term investments from tax credits, he said, has prevented existing companies from expanding and new companies from launching within Utah.
Read more: www.sltrib.com/news/4991897-155/senate-gives-early-approval-to-60
Utah's manufacturing industry would see a roughly $60 million tax break under a bill that gained preliminary approval of the Utah Senate on Monday.
Senators voted 21-4 in favor of SB197, which extends an existing tax exemption to include manufacturing equipment with a depreciation term of three years or less.
Bill sponsor Sen. Stuart Adams, R-Layton, said that manufacturing is at the core of economic development.
Excluding short-term investments from tax credits, he said, has prevented existing companies from expanding and new companies from launching within Utah.
Read more: www.sltrib.com/news/4991897-155/senate-gives-early-approval-to-60