Utah Tax on Services Letters

Published on:
June 28, 2019
Submitted to:
Utah State Senate
Submitted by:
SIFMA

Summary

SIFMA applauds the Utah State Senate for creating the Tax Restructuring and Equalization Task Force to explore various revenue generating alternatives and appreciates the opportunity to provide input. SIFMA understands that a broad tax on services, which was contemplated earlier this year, remains under consideration.

Should you decide to pursue a service tax, SIFMA would strongly encourage you to exempt investment advice and brokerage fees. Taxing such services could discourage people from seeking financial advice or cause them to seek out-of-state advice, neither of which is a desirable outcome.

Excerpt

The Honorable Lyle W. Hillyard, Chair

Tax Restructuring and Equalization Task Force

Utah State Senate

320 State Capitol, P.O. Box 145115

Salt Lake City, Utah 84114

Dear Chair Hillyard:

The Securities Industry and Financial Markets Association (SIFMA)1 is a national trade association which brings together the shared interests of more than 340 broker-dealers, investment banks and asset managers, many of whom have a strong presence in Utah. We are proud that, in 2018, our industry managed more than $121 billion in assets for Utah residents & institutional clients and raised over $4 billion for Utah municipalities and businesses.

We applaud the State for creating this Task Force to explore various revenue generating alternatives, and we appreciate the opportunity to provide input. We understand that a broad tax on services, which was contemplated earlier this year, remains under consideration. Should you decide to pursue a service tax, we would strongly encourage you to exempt investment advice and brokerage fees. Taxing such services could discourage people from seeking financial advice or cause them to seek out-of-state advice, neither of which is a desirable outcome.

Continue Reading > 

Details

Download

More Content

  • Amicus Briefs
    Oct 05, 2026

    In re The Boeing Company Securities Litigation

  • Letters
    Oct 05, 2026

    Reducing Duplicative Regulation and Expanding Exemptions for Commodity Pool Operators and Commodity Trading Advisors

    SIFMA AMG comments on CFTC proposals to reduce duplicative regulation for certain CPOs and CTAs and account for inflation.
  • Letters
    Sep 30, 2026

    Proposed Rule Change to Amend FINRA Rules 0150, 2165, 4512 and to Adopt FINRA Rule 2166

    SIFMA Comments to SEC in support of the proposed rule changes to improve the utilization of Rules 2165 and 4512, as well as the new Rule 2166 to allow for a temporary delay for suspected fraud.

Get the latest trends, stats, and research on financial markets and securities.