Despite a pandemic that caused economic upheaval felt across the nation, the Utah State Tax Commission still managed to collect nearly $14 billion in state and local revenues for fiscal year 2021.
The Utah State Tax Commission collected around $14 billion during fiscal year 2021, and said that reflected a good economy.
That is a $3.26 billion increase in revenues — or 30.5% — compared to what the state collected during the fiscal year 2020, the commission found. The state’s Education/Uniform School Fund and General Fund also grew by 57.2% and 13.5%, respectively. A longer-term explanation for the increase in revenues, according to Commissioner John L. Valentine, is that Utah’s economy is continuing to perform strongly despite the pandemic.
Valentine said the federal stimulus payments from the Coronavirus Aid, Relief, and Economic Security Act helped stimulate state sales tax revenues.Of all the revenue collected, about half was deposited into the state’s Education Fund, 21.2% went toward the General Fund and 10.9% went toward the Transportation Fund, 16% went to the Fiduciary Fund and 2.6% went toward “other” funds.
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