Fiscal Note - State of Utah - 2014 General Session
SB0118 - School Funding Through Income Tax Revisions
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill increases revenue to the Education Fund by $159,466,000 in FY 2015 and $229,103,000 in FY 2016. The bill appropriates $159,466,000 in FY 2015 to the School-level Funding Program. Also, the Tax Commission anticipates sending out about 85,000 notices to businesses regarding changed withholding requirements at a cost of $38,200 one-time.
| State Budget Detail Table | FY 2014 | FY 2015 | FY 2016 |
| Revenue: | |||
| Education Fund | $0 | $229,103,000 | $229,103,000 |
| Education Fund, One-Time | $0 | ($69,637,000) | $0 |
| Total Revenue | $0 | $159,466,000 | $229,103,000 |
| Expenditure: | |||
| Education Fund | $0 | $229,103,000 | $229,103,000 |
| Education Fund, One-Time | $0 | ($69,637,000) | $0 |
| Education Fund, One-Time | $0 | $38,200 | $0 |
| Total Expenditure | $0 | $159,504,200 | $229,103,000 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | ($38,200) | $0 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | ($38,200) | $0 |
Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill increases revenue allocated to school districts and charter schools by $159,466,000 in FY 2015 and $229,103,000 in FY 2016; the average allocation to a school is about $173,000 in FY 2015 and $248,000 in FY 2016.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Individuals and businesses taxed as individuals can expect an average income tax liability increase of $150 in FY 2015 and $197 in FY 2016.
Performance Note Required? (Joint Rule 4-2-404): Yes
| 1/24/2014, 8:57:42 AM, Lead Analyst: Young, T./Attny: AOS | Office of the Legislative Fiscal Analyst |