Fiscal Note - State of Utah - 2014 General Session
HB0138S02 - Underground Petroleum Storage Tank Amendments
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill could increase revenue to state by $0.96 million in FY 2015 and by $2.07 million in FY 2016 due to changes in fees and definitions related to underground storage tanks. This revenue could be offset by risk-based refunds of approximately $0.60 million in FY 2015 and by $1.43 million in FY 2016 that the Utah State Tax Commission will provide to low-risk underground storage tank operators.
The bill also reduces the interest rate on loans related to underground storage tanks from three percent to zero percent beginning in FY 2015. Loan interest will decrease by about $2,200 per year over the next 10 years.
The bill also transfers balances of $5.95 million from the Petroleum Storage Tank Loan Fund and the Petroleum Damage Fund to the Petroleum Storage Tank Trust Fund in FY 2014.
| State Budget Detail Table | FY 2014 | FY 2015 | FY 2016 |
| Revenue: | |||
| Dedicated Credits | $0 | $64,500 | $339,500 |
| Restricted Funds | ($5,949,700) | $0 | $0 |
| Trust & Agency Funds | $5,949,700 | $895,800 | $1,729,800 |
| Total Revenue | $0 | $960,300 | $2,069,300 |
| Expenditure: | |||
| Trust & Agency Funds | $0 | $595,000 | $1,429,000 |
| Total Expenditure | $0 | $595,000 | $1,429,000 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $365,300 | $640,300 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $0 | $0 |
Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill could increase the amount of fees that local governments pay for their underground storage tanks by approximately $48,400 per year when full implementation begins; $14,900 could be offset by risk-based rebates. The net effect would be $33,500 per year.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Enactment of this bill could increase the amount of fees that businesses pay for their underground storage tanks by approximately $1.67 million per year when full implementation begins; $1.40 million could be offset by risk-based rebates. The net effect would be $265,300 per year.
Performance Note Required? (Joint Rule 4-2-404): No
| 3/13/2014, 10:41:22 AM, Lead Analyst: Oh, A./Attny: RF | Office of the Legislative Fiscal Analyst |