In a move aimed at revitalizing the local economy, Utah Governor John Smith announced today that the state will be introducing new tax breaks for small businesses. The tax breaks, which come into effect immediately, are part of a broader strategy to attract new businesses to the state and stimulate economic growth.Under the new tax breaks, small businesses with less than $500,000 in annual revenue will be eligible for a reduction in their state tax liability. Additionally, businesses that hire and retain employees in Utah will also qualify for additional incentives, including tax credits and deductions.Governor Smith emphasized that supporting small businesses is crucial to Utah's economic future, noting that they are the backbone of the state's economy and account for a significant portion of job creation. By offering these tax breaks, the state aims to provide much-needed relief to struggling small businesses and encourage entrepreneurship and innovation.The announcement has been met with widespread support from local business owners and industry groups. Jennifer Barnes, a small business owner in Salt Lake City, praised the tax breaks as a much-needed boost for her struggling business."I've been struggling to keep my business afloat amid the economic downturn caused by the pandemic," said Barnes. "These tax breaks will provide some much-needed relief and help me keep my doors open."In addition to the tax breaks for small businesses, the state also announced plans to streamline the tax filing process for businesses, with the goal of making it easier for companies to comply with tax laws and regulations.Overall, the introduction of these new tax breaks marks a significant step forward in Utah's efforts to support small businesses and promote economic growth. With the state facing economic challenges in the wake of the pandemic, these measures are seen as a crucial lifeline for struggling businesses and a positive sign for the future of Utah's economy.