Fiscal Note
SB0090 - Payment in Lieu of Property Taxes Act
State Impact:
Enactment of this bill will require appropriations of $46,000 one-time and $166,400 ongoing.
| Funding Source | FY 2008 Approp. | FY 2009 Approp. | FY 2010 Approp. | FY 2008 Revenue | FY 2009 Revenue | FY 2010 Revenue |
| Uniform School Fund | $0 | $167,000 | $167,000 | $0 | $0 | $0 |
| Uniform School Fund, One-time | $0 | $46,000 | $0 | $0 | $0 | $0 |
| Total | $0 | $213,000 | $167,000 | $0 | $0 | $0 |
Individual, Business and/or Local Impact:
As defined in the bill, regional facilities will be subject to assessment by the Utah State Tax Commission. If there is surplus revenue as defined in the bill, municipalities would be able to apply for property tax revenue for properties that are exempt by statute. Because many of these properties have not been assessed by the State Tax Commission, the amount that could be transferred to municipalities is unknown, although an initial estimate could be as much as $30 million. Individuals and businesses are likely unaffected.
| 2/12/2008, 10:54:49 AM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |