Fiscal Note - State of Utah - 2014 General Session
HB0055 - Income Tax Credit for Purchase of Transit Pass
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill could reduce revenue to the Education Fund by $454,000 in FY 2015 and by $477,000 in FY 2016. The revenue decrease to the Education Fund associated with this bill is covered by a transfer from the General Fund each year.
| State Budget Detail Table | FY 2014 | FY 2015 | FY 2016 |
| Revenue: | |||
| General Fund | $0 | ($477,000) | ($477,000) |
| General Fund, One-Time | $0 | $23,000 | $0 |
| Education Fund | $0 | $477,000 | $477,000 |
| Education Fund | $0 | ($477,000) | ($477,000) |
| Education Fund, One-Time | $0 | $23,000 | $0 |
| Education Fund, One-Time | $0 | ($23,000) | $0 |
| Total Revenue | $0 | ($454,000) | ($477,000) |
| Expenditure | $0 | $0 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | ($454,000) | ($477,000) |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | ($454,000) | ($477,000) |
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 reduces the tax liability of approximately 13,100 public transit passholders by an average of $35 in FY 2015 and $36 in FY 2016.
Performance Note Required? (Joint Rule 4-2-404): No
| 1/25/2014, 4:24:25 PM, Lead Analyst: Wilko, A./Attny: RLR | Office of the Legislative Fiscal Analyst |