However, property tax relief is the one area he says he will "look at with an open mind."

"I've never felt that we ought to have tax cuts as our priorities this year. I'm not going to look seriously at anything beyond a property tax relief package . . . the other areas I'm just not interested in," he said Wednesday in an interview.

"We started this year with record tax cuts, but now we're entering a period of economic uncertainty. Let's see how these tax-reform measures play out this year and see how that leaves our state."

A tax law that went into effect Jan. 1 creates a modified "flat" income tax system in the state and will cut taxes an estimated $110 million.

House leadership this year is looking at a tax-cut package of about $88 million, with $15 million going toward a tax credit for those paying for health insurance with post-tax dollars. The rest will go to property tax relief.

"We don't have any income tax cuts planned," said Speaker Greg Curtis.

Currently, legislators have filed 26 bills addressing the property or income tax.

But Curtis also recognizes that projected revenues were too high, and that means sticking to funding basic needs. He compares this session to a Christmas when money is tight.

"This is a socks-and-underwear session. We'll still be able to buy some things, but it's going to be the necessities," Curtis said.

Senate budget Chairman Lyle Hillyard said Senate leadership is leaning toward a property tax cut as its top priority.

"We've done income and sales tax in the past, and we know people are very sensitive about [property taxes]," he said. "But a big thing is seeing what comes in February. If revenues have dropped off at all, that will make us nervous about what tax cuts we'll make."

Senate President John Valentine says in addition to property tax cuts, senators are looking at two secondary areas. One involves giving a tax break to corporations that do out-of-state sales, and the other would attempt to better equalize state funding for school buildings.

Not knowing what February revenue projections will show, Huntsman wants to be sure areas such as education, human services and transportation are funded before considering tax cuts.

"People are feeling the pain of property value increases," he said. "But it's prudent first to watch how this year plays out and how it affects the economy, and secondly, to move on to our next priorities."

smcfarland@sltrib.com