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Show THE UTAH ENTERPRISE OCTOBER 24, 1977 a 17 aa Solon would like to end state tax c ri dividend income Q America's giant corporations might not be headquartered in this state, but investment in companies that had their beginnings here might become a lot more o When you see Avis Yearlings, you'll be used surprised that such clean, cars are a year old or so. But it's a fact. While they were Rent A Cars. Avis maintained them under its Car Care Program and Quality t y Assurance Inspection. Then we even added a limited powertrain warranty. Yearlings look good. Because Avis kept them young. attractive good-lookin- g s Charles W. Bullen, Rich, the measure would encourage incorporation in Utah and make investment in stock more atcompanies tractive. ; 521-07- 07 WHO SAID A LIFE INSURANCE OFFICE HAS TO BE A DEAD PLACE! CANADA LIFE HAS COME AUVE WITH PLANTS FROM THETREEHOUSE. WE TAKE CARE OF THEM TOO! CALL THETREEHOUSE AND BRING IN GREEN. (801)261-464- 1 FASHION PUCE VALLEY FAIR LJ THE TREE HOUSE Is a complete florist outlet, tool measure suggested to the state legislatures Revenue and Taxation Committee becomes law. The new law would exempt from state taxation all dividends from corporations organized and existing under Utah law. According the Senator 1977 CHEVROLET CAPRICE $4800 1977 OLDSMOBILE CUTLASS $4700 1977 DODGE SPORTSMAN VAN $6200 S. WEST TEMPLE if a It would also eliminate double taxation on dividends once as corporate income and again as dividend income as is usual. Bullen told the committee the state would lose about $900,000 with such a tax cut. You can make that up in a hurry, he said, through a more favorable climate for industry. Nevada has no inher- itance tax.Bullennoted, which encourages people in their old age to come there even though in reality there is no tax saving. Eliminating the dividend tax, along the same lines, would not save people all that much money, but it would give the impression Utah is a good place to do business, he said. Bullen, who noted the federal government is giving serious consideration to ending double taxation on corporate income, provided some information on the extent of the present tax. Federal income is 20 tax corporate percent on the first $25,000, 22 percent on the next $25,000, and 48 percent on amounts above $50,000. Utah adds a flat 4 percent on top of that. Thus, a corporation could be paying 52 percent on much of its income. After that, the dividend income to individuals is taxed again. If a couple files a joint return, amounts over $36,000 are taxed at about 50 percent. Thus, the total tax on some of that money is 76 percent. Bullen expressed hope Utah could end double taxation before it is done nationwide in order to attract Action on the business. measure was deferred until the committees next meeting in November. Vanguard awaits plant completion Vanguard Metal Finishing, Inc., a new Utah corporation, expects to begin production next month in a factory being built by R.D. Sawyer Co. at 1239 Pioneer Rd. Fence Co. is developing the property to Vanguard spcifications, and will lease the building after its y The completion. concrete factory building is being financed by Continental Bank and Trust Co. American one-stor- |