Business & Tech

Salt Lake Chamber: Business Watch, 2022 Legislative Updates For Week 4

The legislature passed another tax cut with a historic inclusion of the earned income tax credit (EITC) for Utah.

Press Release Desk's profile picture
Press Release Desk, News Partner
(Salt Lake Chamber)

Press release from the Salt Lake Chamber:

February 11, 2022

We reached the halfway point of the 2022 Legislative Session this week, and much debate was had in committees. Also, the legislature passed another tax cut with a historic inclusion of the earned income tax credit (EITC) for Utah. Derek Miller, president and CEO of the Salt Lake Chamber, published an op-ed this week on our need for a Utah EITC. This was included in the 4th substitute of SB 59, Tax Amendments, and Governor Cox has pledged to sign the bill into law.

Find out what's happening in Salt Lake Cityfor free with the latest updates from Patch.

By subscribing, you agree to Patch's Privacy Policy and Terms of Use.

Committees discussed some important bills from the Chamber’s legislative watchlist with substitutes and amendments taking shape to polish language for potential passage.

  • The Senate Economic Development and Workforce Services Committee debated SB 175, Daylight Saving Time Modifications. After much discussion about going to work in the dark and the merits of permanent standard time, the Chair moved to table the bill and not advance it to the Senate floor.
  • The House Business and Labor Committee discussed HB 243, Regulatory Sandbox Program Amendments, and received a favorable recommendation on the second substitute and will be read for a third time. This bill would expand the sandbox to include financial and insurance products.
  • The House Revenue and Taxation Committee debated Rep. Christofferson’s bill HB 262, Incentives Amendments, with public opposition coming from the Tax Commission, Salt Lake Chamber, Go Utah and other stakeholders. The bill was held, and legislators decided to study incentives and alignment over interim sessions. There was broad agreement not to disarm ourselves since other states offer incentives and that research and development are mobile as with capital.
  • Senator Fillmore’s bill SB 93, Business Tax Amendments, was heard in the Senate Revenue and Taxation Committee, and a first substitute was passed with a favorable recommendation to be read for a second time.
  • The House Public Utilities, Energy, and Technology Committee heard Rep. Handy’s bill HB 280, Cybersecurity Commission, which will study the state’s vulnerabilities and report best practices in committee yearly. The first substitute received a favorable recommendation and will be presented for a third reading.
  • The House Natural Resources, Agriculture, and Environment Committee discussed several bills related to our water challenges. The committee moved HB 240, Utah Lake Amendments, 1st. Substitute forward for a final reading. HB 242, Secondary Water Metering Amendments, was advanced likewise for final review before heading to a House vote. The other water bill making progress was HB 282, Water Wise Landscaping Amendments.
  • Two bills of note tackling digital innovation and working to make the state a leader on this front were SB 182, Digital Asset Amendments, which made it through Rules and will move to the Business and Labor Committee, and HB 335, Blockchain and Digital Innovation Task Force, which was sent to the House Public Utilities, Energy, and Technology Committee for debate.

    • Find out what's happening in Salt Lake Cityfor free with the latest updates from Patch.

    By subscribing, you agree to Patch's Privacy Policy and Terms of Use.

    Also worth mentioning, the Chamber is checking business interests on the 10k cap for state and local tax deductions limit, known as the SALT deduction cap.

    Lastly, thank you for everyone’s participation in the Capitol Club, where we discuss critical issues and strategize on priorities.

    This press release was produced by the Salt Lake Chamber. The views expressed are the author's own.

    More from Salt Lake City