Fiscal Note - State of Utah - 2014 General Session
HB0187 - Severance Tax Revisions
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may increase severance tax revenue by $66,176,000 in FY 2015 and $132,351,000 in FY 2016. The bill shifts revenue from the General Fund to the Education Fund, which increases revenue to the Education Fund by $77,130,300 in FY 2015 and $95,800,000 in FY 2016 and reduces revenue to the General Fund by $92,345,000 in FY 2015 and $100,849,000 in FY 2016. The bill also changes the severance tax allocation to the Permanent State Trust Fund (PSTF), which increases revenue to the PSTF by $81,390,800 in FY 2015 and $137,400,000 in FY 2016.
State Budget Detail Table | FY 2014 | FY 2015 | FY 2016 |
Revenue: | |||
General Fund | $0 | ($100,849,000) | ($100,849,000) |
General Fund, One-Time | $0 | $8,504,000 | $0 |
Education Fund | $0 | $95,800,000 | $95,800,000 |
Education Fund, One-Time | $0 | ($18,669,800) | $0 |
Restricted Funds | $0 | $81,390,800 | $137,400,000 |
Total Revenue | $0 | $66,176,000 | $132,351,000 |
Expenditure | $0 | $0 | $0 |
Net Impact, All Funds (Rev.-Exp.) | $0 | $66,176,000 | $132,351,000 |
Net Impact, General/Education Funds (Rev.-Exp.) | $0 | ($15,214,800) | ($5,049,000) |
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)):
Businesses paying severance tax and individuals purchasing products derived from oil, natural gas, and other items subject to severance tax may see a tax increase of $66,176,000 in FY 2015 and $132,351,000 in FY 2016.
Performance Note Required? (Joint Rule 4-2-404): No
3/10/2014, 9:48:57 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |