Fiscal Note - State of Utah - 2013 General Session
HB0055 - Amendments Related to Education Funding
State Government (UCA 36-12-13(2)(b)):
By fixing the personal exemption at $2,850, enactment of this bill increases income tax revenue by 9,155,000 in FY 2014 and $9,796,000 in FY 2015. Also, presuming a constant WPU value, by freezing the basic rate at the higher of 0.001691 or the certified revenue levy, enactment of this bill frees-up $15,000,000 in FY 2015 in Education Fund appropriations to the WPU value.
| State Budget Detail Table | FY 2013 | FY 2014 | FY 2015 |
| Revenue: | |||
| Education Fund | $0 | $9,796,000 | $9,796,000 |
| Education Fund, One-Time | $0 | ($641,000) | $0 |
| Property Tax | $0 | $0 | $15,000,000 |
| Total Revenue | $0 | $9,155,000 | $24,796,000 |
| Expenditure: | |||
| Education Fund | $0 | ($15,000,000) | ($15,000,000) |
| Education Fund, One-Time | $0 | $15,000,000 | $0 |
| Total Expenditure | $0 | $0 | ($15,000,000) |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $9,155,000 | $39,796,000 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $9,155,000 | $24,796,000 |
Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill likely will not result in direct, measurable costs for local governments.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
By fixing the personal exemption component on the income tax return, enactment of this bill increases the income tax liability of individuals by $9,155,000 in FY 2014 and $9,796,000 in FY 2015. The bill also imposes a minimum basic tax rate at the greater of 0.001691 or the certified revenue levy. By doing so, individuals and businesses will see an increase in property tax liability by an estimated $15,000,000 in FY 2015.
Performance Note Required? (Joint Rule 4-2-404): No
| 3/11/2013, 8:54:26 AM, Lead Analyst: Young, T./Attny: AOS | Office of the Legislative Fiscal Analyst |