Senate gives early approval to $60 million manufacturing tax break as food tax hike waits in wings

Utah's manufacturing industry would see a roughly $60 million tax break under a bill that gained preliminary approval of the Utah Senate on Monday.

Senators voted 21-4 in favor of SB197, which extends an existing tax exemption to include manufacturing equipment with a depreciation term of three years or less.

Bill sponsor Sen. Stuart Adams, R-Layton, said that manufacturing is at the core of economic development.

Excluding short-term investments from tax credits, he said, has prevented existing companies from expanding and new companies from launching within Utah.

Read more: http://www.sltrib.com/news/4991897-155/senate-gives-early-approval-to-60