Fiscal Note - State of Utah - 2013 General Session

HB0096 - Cleaner Burning Fuels Tax Credits Amendments

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill could decrease revenue to the Education Fund by $701,000 beginning in FY 2014 and by $2,301,000 in FY 2015.

State Budget Detail TableFY 2013FY 2014FY 2015
Education Fund$0($2,301,000)($2,301,000)
Education Fund, One-Time$0$1,600,000$0
   Total Revenue$0($701,000)($2,301,000)
Net Impact, All Funds (Rev.-Exp.)$0($701,000)($2,301,000)
   Net Impact, General/Education Funds (Rev.-Exp.)$0($701,000)($2,301,000)

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)):
Enactment of this bill could increase income tax for certain individuals currently eligible for the credits due to increased gas mileage standards. The aggregate impact for these individuals is $548,900. Enactment of this bill could also decrease tax paid by certain individuals converting their vehicles to natural gas. The aggregate impact is estimated at $1,250,000. Individuals currently receiving credits under the exemption would continue to benefit in the aggregate amount of $1,600,000.

Performance Note Required? (Joint Rule 4-2-404): No

2/6/2013, 10:19:30 AM, Lead Analyst: Wilko, A./Attny: RLROffice of the Legislative Fiscal Analyst