Fiscal Note - State of Utah - 2014 General Session
SB0111S02 - Education Funding Equalization
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may increase revenue to the Minimum Basic Growth Account by $12 million in
FY 2015; $41 million in FY 2016; and when fully implemented, $100,000,000 annually.
| State Budget Detail Table | FY 2014 | FY 2015 | FY 2016 |
| Revenue: | |||
| Uniform School Fund Restricted | $0 | $12,000,000 | $41,000,000 |
| Total Revenue | $0 | $12,000,000 | $41,000,000 |
| Expenditure | $0 | $0 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $12,000,000 | $41,000,000 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $0 | $0 |
Local Governments (UCA 36-12-13(2)(c)):
Upon appropriation, enactment of this bill may increase revenue to school districts by about $12 million in FY 2015; $41 million in FY 2016; and when fully implemented, $100,000,000 annually as part of the School LAND Trust Program.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Individuals and businesses may see a tax increase of about $12 million in FY 2015; $41 million in FY 2016; and when fully implemented, $100,000,000 annually. In FY 2015, the tax increase is about $8 for a $250,000 home or about $58 on a $1 million business property; when first reaching the $100,000,000 cap, the tax increase is about $40 for a $250,000 home or about $292 on a $1 million business property.
Performance Note Required? (Joint Rule 4-2-404): No
| 2/26/2014, 8:42:42 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |