Investing in people, preparing for the future
This week we unveiled our proposed FY 24 budget! This budget invests in things we know work – people, preparing for growth and good government.
Tax cuts
Our state’s economy is one of the nation’s strongest, but we know inflation has hit many Utah families hard and Utahns deserve relief. Our tax cut package includes:
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Reducing the income tax rate from 4.85% to 4.75%;
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A $250 refundable dependent exemption;
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Continuing to phase out Social Security taxes;
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Supporting the expiration of the basic levy freeze;
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One-time property tax and income tax rebates; and
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A new dependent tax exemption for moms during pregnancy.
If these recommendations pass this spring, we and other state leaders will have cut taxes by $1.3 billion over the three sessions of our administration! That’s the largest tax cut in our state’s history.
The Year of the Teacher
For the third year in a row, we’re recommending historic investments in education. We’re particularly excited about our proposal to give every teacher in the state of Utah a $6,000 boost in compensation starting this fiscal year. We want to elevate the teaching profession so we can attract and retain high-quality, qualified educators in classrooms. This budget will do wonders for our K-12 students and educators.
Families
Utah is the most family-friendly state in the nation and we want to keep supporting families. We propose $16 million to expand home visitation services, $8.7 million to extend postpartum Medicaid coverage to 12 months, $53.5 million for domestic violence prevention and victim support, and $2.1 million to increase foster compensation all to benefit families. We are committed to keeping Utah the best place in the world to raise a family!
The Next Generation
Our next generation is facing unique challenges. This budget will help these young Utahns by investing $53.5 million into mental health resources; providing $11.5 million in support for first-time homebuyers who are educators, firefighters and veterans; and allocating $1 million to start to tackle social media research and education.
Water
Because of our ongoing drought, we’re recommending more than a half-billion dollars in water investments for the second year in a row. This includes a $132.9 million direct investment for the Great Salt Lake and $217.9 million for statewide water conservation that impacts the lake. We must continue to preserve and protect this vital resource!
Housing
We’re focused on ensuring attainable housing for everyone, from homeless solutions to market-rate rentals and home ownership. Our budget includes $100 million for deeply affordable housing units, $24 million for affordable housing tax credits and loans and $15.3 million to assist homebuyers and homeowners. These recommendations will lead to better market solutions.
We’re so optimistic about Utah’s future and we look forward to working with our Legislature to fund these priorities. To see our full FY-24 budget recommendations, visit gopb.utah.gov.
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