Fiscal Note - State of Utah - 2014 General Session
SB0118S01 - 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 $266,764,800 in FY 2015 and $278,769,200 in FY 2016. The bill appropriates $266,764,800 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 | $278,769,200 | $278,769,200 |
| Education Fund, One-Time | $0 | ($12,004,400) | $0 |
| Total Revenue | $0 | $266,764,800 | $278,769,200 |
| Expenditure: | |||
| Education Fund | $0 | $278,769,200 | $278,769,200 |
| Education Fund, One-Time | $0 | ($12,004,400) | $0 |
| Education Fund, One-Time | $0 | $38,200 | $0 |
| Total Expenditure | $0 | $266,803,000 | $278,769,200 |
| 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 $266,803,000 in FY 2015 and $278,769,200 in FY 2016; the average allocation to a school district is about $5,672,300 in FY2015 and $5,927,600 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 $175 in FY 2015 and $183 in FY 2016.
Performance Note Required? (Joint Rule 4-2-404): No
| 2/11/2014, 10:30:30 AM, Lead Analyst: Young, T./Attny: AOS | Office of the Legislative Fiscal Analyst |