DEATH AND TAXES -- WHICH COMES FIRST?
Author | PIGNANELLI, FRANK |
Position | Brief Article |
Franchise Tax Rising
At the beginning of every year, the state capitol is filled with activity as lawmakers, the governor's office, staff and lobbyists prepare for the upcoming legislative session.
This year, educators and some lawmakers are considering an increase in the Corporate Franchise Tax to infuse dollars into the education budget. All collections from this tax are dedicated to the Uniform School Fund.
In Utah, companies currently pay 5 percent of their net income for "the privilege of ... doing business in the state." Because this rate is one of the lowest in comparison to many surrounding states it has caught the attention of those seeking new monies.
Although most Utahns who own and manage businesses believe an educated workforce is an absolute necessity, they are also aware an increase in corporate taxes could have a negative impact on the local business community.
"The highest priority our company and many others have in determining whether to locate in a state is the level of taxes and regulatory environment of the area," says Mark Zupon, president of Providian Bank, a subsidiary of San Francisco-based Providian Financial Corporation. "It's all part of the package. The low tax rate here continues to be an attractive feature for businesses to stay or move to Utah. My company has expanded its operations several times in the last two years because Utah is a great place to do business. An increase in the corporate tax sends the wrong message, especially when other states are finding ways to lower taxes in order to garner more business."
For decades, educators have argued with legislators and the Governor...
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