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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 TableFY 2011FY 2012FY 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: RLROffice of the Legislative Fiscal Analyst