Fiscal Note - State of Utah - 2013 General Session

HB0398S01 - Fees on Gift Cards or Certificates

State Government (UCA 36-12-13(2)(b)):
To the extent that companies are currently accounting for unredeemed gift cards as profits in corporate tax returns enactment of this bill could result in a reduction in revenue to the Education Fund. The extent of such a revenue decline is unknown at this time.

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)):
Businesses who profit from expired unredeemed gift cards could experience a loss of revenue and an associated decline in tax liability.

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