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2023 Legislative Update: Week Five

Friends and Neighbors,

There are only two weeks left in the 2023 Legislative Session. We are working hard to finalize legislation and ensure good policy is getting passed. I have a few important updates from this past week, including news about tax cuts coming to Utahns. Please read below for more information from this past week.

As always, if you have any questions or comments, please reach out. You can reach me directly at corymaloy@le.utah.gov.

Thank you,
Representative Cory Maloy
House District 52

Largest Tax Cut in State History 

Over the last two years, the Legislature reduced taxes by nearly $300 million. This session, we are proposing an additional $400 million in tax relief. H.B. 54 Tax Revisions will be heard in the House Revenue and Taxation Committee early next week and provides tax relief to individuals and families in all stages of life by:
  • Cutting the income tax rate from 4.85% to 4.65%.
  • Expanding social security tax credit eligibility to individuals earning between $0 to $75,000 per year.
  • Providing a tax benefit for pregnancy by allowing a double dependent exemption for children the year of their birth.
  • Increasing the earned income tax credit (EITC) from 15% to 2-% of the federal credit.

Bills I Have Passed So Far

The following bills have passed the Utah House and Senate. They need to be signed by the Governor before they will become law. 

Public Education Funding

Funding public education is always one of the top priorities of the Utah Legislature. This year our public education will be funded by $7.5 Billion. This investment in our students is monumental. 

A Great Conversation at My Town Hall

Thank you to all that came to my latest town hall. We had a great discussion about property rights and taxes, education, transportation, and tax reductions.

Celebrating Women’s Suffrage

On February 14th, 1870 Seraph Young of Utah became the first woman to vote under the equal rights law. In honor of her memory and to celebrate this historic event, our female legislators and staff wore purple. I am grateful to work with each of these amazing women. 

Limiting Government Overreach 

Over the last several years, we have seen efforts to use non-financial criteria to shade and skew financial markets. Environmental, Social, and Governance (ESG) standards imposed on businesses and financial institutions distort the free market and place real costs on the people of Utah. As a Legislature, we are taking proactive measures against investment schemes based on assessments of businesses’ and individuals’ political beliefs.
  • HB 281: Social Credit Score Amendments prohibits governmental entities in Utah from using, enforcing, or providing data for a system that discriminates or gives preferential treatment to an individual.
  • Similarly, SB 96: Fiduciary Duty Modifications ensures any state investment is done without regard to political, environmental, or social considerations of companies. Both bills passed committee this week and will be voted on in their perspective bodies. 

Committee Assignments
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