Salt Lake City— The Utah State Legislature unanimously passed S.B. 6005, Income Tax Amendments, eliminating state income tax on PPP grants and CARES Act funding, easing burdens for Utah families and businesses.
“COVID-19 has impacted everyone in our state," said Sen. Wayne Harper, Senate sponsor of S.B. 6005. “As state leaders, we want to ensure that Utahns and Utah businesses keep the rebates and grant funds to utilize for their specific situations, without the concern of taxation. Prohibiting all state income tax on COVID-19 funds and individual federal rebate checks provides Utahns with more resources during these challenging times."
“Twenty-twenty has been a difficult and unprecedented year for Utah,” said Rep. Robert Spendlove, House sponsor of S.B. 6005. “Eliminating income taxes on money individuals and businesses received from the CARES Act or PPP loans will help Utahns overcome current challenges and move forward on a path of recovery and success.”
S.B. 6005 was considered and passed during August’s special session to allow time for the Utah State Tax Commission to implement changes for 2020 taxes.