More than $500M in extra revenue expected for Utah budget

SALT LAKE CITY (AP) — Utah lawmakers setting this year’s state budget estimate they will have more than $500 million in surplus tax collections to work with.

Legislators released estimates Wednesday showing a $453 million surplus to spend on ongoing costs like salaries and $128 million for one-time projects like construction.

Senate budget chairman Jerry Stevenson says a lot of requests are being made for the money and all of the projects from lawmakers won’t be funded.

The extra money doesn’t include $25 to $80 million extra the state is expected to collect because of the major overhaul of the nation’s tax code passed by Congress in December.

The <a target=”&mdash;blank” href=”http://bit.ly/2omkIMI”>Deseret News reports</a> GOP legislative leaders are proposing to use some of that money to trim Utah’s individual and corporate tax rates to 4.95 percent, down from 5 percent.

That would cost about $55 million.

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Information from: Deseret News, <a target=”&mdash;blank” href=”http://www.deseretnews.com”>http://www.deseretnews.com</a>

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