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529 News
Utah enacts 529 credit against new flat tax
(March 16, 2007) - When Utah switched over its personal income tax approach at the end of 2006--from a system of graduated rates and deductions to a no-deduction flat tax--the state tax benefit for contributions to the UESP 529 savings plan disappeared. Governor Jon Huntsman has now signed a bill that provides a credit against the flat tax for contributions to UESP, retroactive to January 1, 2007 (2nd Substitute House Bill 36). The maximum tax benefit is now slightly lower, as the Utah tax rate drops to 5.35% under the new flat tax.
The new law also makes it clear that the maximum tax credit for a married couple filing jointly is twice the credit for a single taxpayer, even if only one of the spouses has contributed to an account.
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