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Utah's state income tax rate would be set at 4.5% starting in 2027, and from 2028 through 2037, a group of state budget officials would compare actual state revenue each year to pre-set revenue targets written into the bill; if actual revenue exceeds the target, half of that surplus would automatically go toward lowering the income tax rate in small increments, with the State Tax Commission publishing the updated rate every November before it takes effect the following January. Starting in 2038, whatever rate is in effect at that time would remain permanent. The bill also changes the mineral production tax withholding rate—the amount withheld from payments to people involved in mineral production in Utah—from a flat 5% to whatever the current income tax rate is, and it makes matching adjustments throughout the tax code so that various tax credits and calculations (covering things like retirement income, health benefits, education savings, and business taxes) automatically use this same adjustable income tax rate instead of a fixed percentage.