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Pandemic Impacts Take Shape as Fiscal Year Comes to a Close
The Utah Tax Commission released its TC-23 Revenue Summary Wednesday, June 17th, 2020, detailing the actual collections through 11 months of Fiscal Year 2020. As...
June 17, 2020
Income and Fuel Taxes Begin to Show Pandemic Effects
On Tuesday, May 12th, the Tax Commission released their TC-23 Revenue Summary Report for the month of May. Readers may recall that the April TC-23...
May 13, 2020
Collections Hold Steady as the Legislature Prepares to Weather the Storm
The April TC-23 report released by the Tax Commission reports revenue collections to the General, Education, and Transportation Funds are all on target with consensus...
April 16, 2020
Revenues Still On-track, but Don’t Yet Reflect Pandemic’s Impact
Through the end of February, revenues from all taxes were on target, representing an increase of $571 million over FY 2019. Sales and use tax...
April 2, 2020
Sales Tax Growth Improving, Not Enough to Close Gap in Education and General Funds
On Thursday (Feb. 20th), the Governor’s Office of Management and Budget and the Legislative Fiscal Analyst released their updated 2020 Consensus Revenue Estimates. These estimates,...
February 20, 2020
Revenue Collections in-line with Latest Estimates
First Half of FY 2020 in the Books Reports for December and January show both General and Education Fund revenues coming in on-target, with collections...
February 3, 2020
Income Tax Continues to Outpace State Sales Tax through Q1
State Revenue Growth Higher than February Projections In the first quarter of the Fiscal Year, income tax grew 11.3% which represented a $135 million dollar...
December 9, 2019
Revenue Surplus Sets the Stage for Tax Reform
The year-end numbers are in In Fiscal Year 2019, the revenue surplus to the education fund was $134 million. After adjustments (such as putting money...
October 28, 2019
Strong Income Taxes Bail-out Sales Tax Through 12 Months of FY19
Despite a probable deficit in the General Fund, the Utah State Tax Commission's latest report on revenue collections for twelve months of fiscal year 2019...
July 18, 2019
Strong Income Tax Lifts State Revenue Collections Despite Declining Growth Rates
Combined General and Education Fund revenue collections for the current fiscal year (2019) totaled $6.9 billion through the first eleven months. That represents year-over-year growth...
June 17, 2019
Local Governments Address Long-Term Fiscal Stability Amid Population Growth
Utah’s population grew nearly 15% this decade, ranking No. 1 in the nation.1 By 2060, Utah’s population is projected to nearly double. The dramatic growth...
June 12, 2019
Strong Final Payments Highlight April
Earlier this week, the Tax Commission released the TC-23 report for the month of April. Exceeding the current revenue target of 5.7%, General and Education...
May 17, 2019