Fiscal Note
SB0204S02 - Income Taxation Amendments
State Impact:
Enactment of this bill will reduce revenue to the Education Fund by $2.4 million in FY 2009 and $2.8 million in FY 2010.
| Funding Source | FY 2008 Approp. | FY 2009 Approp. | FY 2010 Approp. | FY 2008 Revenue | FY 2009 Revenue | FY 2010 Revenue |
| Education Fund | $0 | $0 | $0 | $0 | ($2,400,000) | ($2,800,000) |
| Total | $0 | $0 | $0 | $0 | ($2,400,000) | ($2,800,000) |
Individual, Business and/or Local Impact:
Individuals, trusts, or estates who invest in medical savings programs are likely to experience decreased tax liability. Individuals who invest proceeds from a long-term or short-term capital gains transaction in a Utah small business corporation will benefit by having decreased tax liability. Small businesses may benefit by having more capital invested from outside sources. In addition to the forementioned, certain businesses currently avoiding corporate income tax will likely experience increased tax liability. There is likely no local impact from passage of this bill.
| 2/22/2008, 3:12:48 PM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |