According to the Utah income tax booklet, the following changes have been made to Utah's tax code regarding 2024 income taxes.
Payroll Protection Program (PPP) grant or loan addback: In certain situations, you must add to your income the amount of PPP grants or loans forgiven in 2024.
Nonprofit Capacity Fund: The 2023 Utah Legislature passed SB 223, creating the Nonprofit Capacity Fund Program and allows income tax filers to contribute to it on their tax returns.
Child Tax Credit: The 2023 Utah Legislature passed HB 170, creating a nonrefundable child tax credit for children ages 1-3.
Utah Tax Rate: The 2024 Utah Legislature passed SB 69, lowering the income tax rate from 4.65 percent to 4.55 percent.
For more information regarding these changes, please see TC-40 Instructions.