Fiscal Note - State of Utah - 2011 General Session
HB0496S02 - Technology and Life Science Economic Development Act and Related Tax Credits
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill would reduce the Education Fund in FY 2012 by $1,300,000. The bill also appropriates $200,000 to the Governor's Office of Economic Development on a one-time basis to implement the provisions of the bill. If the legislature decides to fund the credits on an ongoing basis the loss to the Education Fund would be $6,500,000 and an additional $3,000,000 to $5,000,000 in foregone revenue.
| State Budget Detail Table | FY 2011 | FY 2012 | FY 2013 |
| Revenue: | |||
| Education Fund, One-Time | $0 | ($1,300,000) | $0 |
| Total Revenue | $0 | ($1,300,000) | $0 |
| Expenditure: | |||
| General Fund, One-Time | $0 | $200,000 | $0 |
| Total Expenditure | $0 | $200,000 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | ($1,500,000) | $0 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | ($1,500,000) | $0 |
Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill likely will not result in direct, measurable costs for local governments.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Certain businesses could receive tax credits up to $350,000 annually.
| 3/10/2011, 5:58:45 PM, Lead Analyst: Wilko, A./Attny: RLR | Office of the Legislative Fiscal Analyst |