Here is the compromise solution that broke the budget impasse:
The Legislature will cut taxes in Utah by $160 million dollars this year. We'll cut $70 million from income taxes, cut another $70 million through a significant reduction in the sales tax on unprepared food, and cut $20 million from business taxes as a series of economic development incentives.
We will also allocate an additional $20 million to education funding, $8 million for water development, $90 million for transportation needs, and an additional $22 million for our committee priorities (bringing the total money for committee priorities to $78 million).
Read the press release
All the above deals with ONGOING MONEY. A substantial amount of one-time money remains to be allocated.
Have a great weekend.