Income tax rate would drop, corporations would get a break under House bill

SALT LAKE CITY — Income tax rates would drop slightly and corporations would get a tax break under a bill advanced Thursday by a House committee that now embodies pieces of a Republican leadership tax package that is still in the works.HB355, sponsored by Rep. Dan McCay, R-Riverton, would drop the state's 5 percent individual and corporate income tax rate to 4.95 percent and would switch to a single sales factor formula for corporate taxes.The House Revenue and Taxation Committee approved