Signed by Governor Jon Huntsman, Jr.

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that increases the sales and use tax from 4.65 to 4.70 percent and provides additional tax credits.

Highlights:

- Removes bracketed state income tax rates and imposes an individual income tax rate of five percent (Sec. 24). - Provides a tax credit to individuals who purchase their own health insurance. The credit is limited to $300 for single filers, $600 for joint filers, and $900 for filers with dependents (Sec. 58). - Provides a tax credit equal to the 25 percent of the amount paid for a solar energy device. This credit is capped at $2,000 (Sec. 59). - Provides a tax credit equal to the amount contributed to a medical savings account (Sec. 56). - Provides a tax credit equal to five percent of an individuals total short and long term capital gains transactions (Sec. 57). - Deposits the revenue generated by a 0.025 percent tax rate on sales and use transactions into the Critical Highway Needs Fund [sec. 78 (11) (a) (i)]. - Deposits the revenue generated by a 0.025 percent tax rate on sales and use transactions into the Transportation Investment Fund of 2005 [sec. 78 (11) (b) (i)]. - Deposits the revenue generated by a 0.025 percent tax rate on sales and use transactions into the Transportation Fund to address chokepoints in construction management [sec. 78 (12) (a)]. - Exempts the tax on the sale of fuel for locomotive engines used by common carriers [sec. 79 (69)]. - This is a substitute bill sponsored by Senator Wayne Niederhauser.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that increases the sales and use tax from 4.65 to 4.70 percent and provides additional tax credits.

Highlights:

- Removes bracketed state income tax rates and imposes an individual income tax rate of five percent (Sec. 24). - Provides a tax credit to individuals who purchase their own health insurance. The credit is limited to $300 for single filers, $600 for joint filers, and $900 for filers with dependents (Sec. 58). - Provides a tax credit equal to the 25 percent of the amount paid for a solar energy device. This credit is capped at $2,000 (Sec. 59). - Provides a tax credit equal to the amount contributed to a medical savings account (Sec. 56). - Provides a tax credit equal to five percent of an individuals total short and long term capital gains transactions (Sec. 57). - Deposits the revenue generated by a 0.025 percent tax rate on sales and use transactions into the Critical Highway Needs Fund [sec. 78 (11) (a) (i)]. - Deposits the revenue generated by a 0.025 percent tax rate on sales and use transactions into the Transportation Investment Fund of 2005 [sec. 78 (11) (b) (i)]. - Deposits the revenue generated by a 0.025 percent tax rate on sales and use transactions into the Transportation Fund to address chokepoints in construction management [sec. 78 (12) (a)]. - Exempts the tax on the sale of fuel for locomotive engines used by common carriers [sec. 79 (69)]. - This is a substitute bill sponsored by Senator Wayne Niederhauser.

Full Bill Text