"I knew eight months ago this would be a time consuming and tedious task," Walker said in a statement. "We are fortunate to have such a comprehensive data set available in Utah and have realized we need additional time to analyze it before a complete plan can be presented."

Predicted to be an enduring legacy of Walker's tenure, the proposed tax plan may include a provision to close some sales-tax loopholes.

To be successful, Walker says the plan must follow six ideals: Be fair and just, business friendly, structurally balanced, fund "critical" needs, balance state and local obligations and be a "system for the 21st Century."

"My objective is to help Utahns understand the critical need for tax reform and to create a basic dialogue among all citizens regarding what our future tax system should look like," Walker said.

- Nicole Warburton