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Starting with the 2026 tax year, this bill would lower both Utah's individual income tax rate and the corporate franchise and income tax rate from 4.5% to 4.45%. It would also change how research and development costs are handled on Utah tax returns: if a business or individual takes a full, immediate federal deduction for domestic research and experimental expenses, they would have to add that amount back into their Utah taxable income for that year, but could then deduct it gradually over a 60-month period on their state tax return instead. These changes would apply retroactively to the 2026 tax year if the bill takes effect as scheduled on May 6, 2026.