As tax filing season is heating up Utahns are starting to see the impacts of the One Big Beautiful Bill (also known as HR1) on their taxes.
According to the Tax Foundation, Utahns are seeing significant cuts in their taxes from as little as $1,800 to as much as $15,000. To help taxpayers better understand the impact they will see from the bill the foundation has created and updated their One Big Beautiful Bill impact tool. The tool can be found here.
The average tax break overall for Utahns is estimated to be around $3,800. It is estimated that those who live in Summit and Wasatch Counties will see the largest cuts from the bill.
The tool finds that Summit county residents will see a $15,000 decrease in taxes and $7,100 in Wasatch County. That is expected as many business owners and high income earners reside in these areas of the state. The lowest impacted county in the state is Piute County which is expected to see an $1,800 tax cut.
HR 1 made many of the tax cuts that were found in the 2017 Tax Cuts and Jobs Act permanent and gave additional tax breaks for individuals and businesses. Those include cutting taxes on tips and overtime pay, expanding the child tax credit, increasing the standard deduction and making expensing for research and development permanent.