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Utah's flat income tax rate currently applies to nearly all individual taxpayers and corporations in the state. This bill would lower that rate from 4.5% to 4.45% for both individual income taxes and corporate franchise and income taxes, reducing the amount owed by taxpayers and businesses on their taxable income. The change would apply retroactively, starting with the 2026 tax year, even though the bill would not officially take effect until May 6, 2026.