Utah tax revenues could fall by over $1 billion next year

Utah tax revenues could fall by over $1 billion next year

SALT LAKE CITY (AP) — Revenues could be down more than a billion dollars in Utah’s budget next year due to the coronavirus pandemic’s devastating effects on the economy. Lawmakers were preparing Wednesday for widespread budget cuts of up to 10% at state agencies. The decisions will be made at a special session, likely in June. More than 6,600 people have been infected with the virus in Utah, and 75 have died. State analysts estimate that revenues will drop by a low of nearly $600 million and could mount to  $1.3 billion during fiscal year 2021, which starts in July.