Eagle Mountain Chamber December Newsletter

 

 

 UPCOMING CHAMBER EVENTS 

Membership levels are changing!!

 

The Chamber is moving into a new year and with that our Membership levels are changing!!

The benefits are increasing and we are excited about new programs and opportunities for 2020!!

Please contact our Chamber director with any questions or concerns

 

Join the chamber today!

 

 

 

holly@eaglemountainchamber.com

 

 

 The Legislature’s Tax Restructuring and Modernization Task Force held what they hope to be their second to last hearing on the newest version of the tax bill which was released. We have also summarized this latest version of the bill for our members benefit. Some businesses will be impacted more than others by these proposed changes. The current plan by legislative leaders is to call a special session on or around December 12th to pass this bill, or one like it, if a consensus can be reached. 

 

 

Here are some of the highlights of the current version of the bill:

 

·     Decreases the corporate franchise and income tax rate from 4.95% to 4.64%

·     Changes the rate of many income tax exemptions to match the proposed 4.64%

·     Increases the personal income exemption from $565 to $2,500

·     Increases the state sales tax rate on unprepared food to 4.85%

·     Increase the state motor vehicle rental tax from 2.5% to 4.0%

·     Creates a new excise tax on diesel tax on diesel of $0.10 per gallon

·     Repeals certain sales tax exemptions including the following:

·     Electricity to ski resorts for lifts

·     Vehicles used for temporary sporting events

·     Admissions to college sporting events

·     Textbooks purchased by a student (not including a college bookstore or seller selling primarily textbooks)

·     Primarily unassisted cleaning of tangible personal property (i.e. laundromat), unless payment is exclusively through machines          that only accept cash or coin

·     Use of unassisted amusement devices, unless payment is exclusively through machines that only accept cash or coin

·     Vending machine food sold for $1 or less under certain circumstances, unless payment is exclusively through machines that      only    accept cash or coin

·     Certain car washes, unless payment is exclusively through machines that only accept cash or coin

·     Sales to a public transit district, including construction materials converted to real property

·     Fuel sold to a common carrier railroad and used in a locomotive engine

·     Newspapers or newspaper subscriptions

·     Construction materials converted to real property for life science research facilities (Not effective until 2027)

·     Machinery, equipment, or parts purchased by owners of certain data centers (one-year economic life) for lessees of certain data        centers

·     Adds sales tax to several services including the following:

·     Streaming media

·     Electronic security monitoring of real property

·     Installation of tangible personal property when part of a taxable sale

·     Pet boarding and pet daycare services

·     Personal transportation services – Includes peer to peer ride sharing and scenic and sightseeing transportation in a motor       vehicle

·     Motor vehicle towing

·     Parking lots and garages

·     Dating referral services

·     Identity theft protection

·     Shipping and handling when part of a taxable sale

·     Storage of tangible personal property

·     Creates an income tax credit for Social Security income

·      Creates a $125 per person refundable sales tax credit for families making less than $35,535 a year

·     Applies state sales tax to wholesale gasoline

·     Repeals the program allowing clean fuel vehicles to utilize the HOV lanes

·     Increases the number of vehicle passengers necessary to qualify for use of HOV lanes from two passengers to three passengers        (effective in 2023)

·     Exempts feminine hygiene products from sales tax

·     Creates an earned personal income tax

Please check out our new and improved web site!!

 

www.eaglemountainchamber.com

 

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Thank you to our Trustee Members!