Personal Property Tax Exemption Amendments

HB 155 increases Utah's exemption threshold for business personal property tax from $25,000 to $100,000 per county, meaning small businesses with property valued at or below this amount will no longer pay tax on it. The bill also exempts supplies (like office or maintenance items) costing less than $500 and includes an automatic annual adjustment tied to the consumer price index to keep pace with inflation. These changes directly affect small businesses and property owners who own tangible personal property, reducing their tax burden for qualifying items. The bill takes effect January 1, 2026, and modifies Utah Code Section 59-2-1115.