Fiscal Note - State of Utah - 2011 General Session
SB0189 - Tax Code Modifications
State Government (UCA 36-12-13(2)(b)):
By increasing the general sales tax rate and authorizing a 5% refundable Earned Income Tax Credit (EITC), enactment of this bill increases revenue to the General Fund by $16,800,500 in FY 2012 and $17,942,900 in FY 2013, decreases revenue to the Education Fund by $18,000,000 in FY 2012 and $19,026,000 in FY 2013, and increases revenue to the Centennial Highway Fund by $1,520,700 in FY 2012 and $1,624,000 in FY 2013. The bill authorizes a transfer from the General Fund to the Education Fund to cover the costs of the EITC.
| State Budget Detail Table | FY 2011 | FY 2012 | FY 2013 |
| Revenue: | |||
| General Fund | $0 | $17,942,900 | $17,942,900 |
| General Fund, One-Time | $0 | ($1,142,400) | $0 |
| Education Fund | $0 | ($19,026,000) | ($19,026,000) |
| Education Fund, One-Time | $0 | $1,026,000 | $0 |
| Transportation Fund Restricted | $0 | $1,520,700 | $1,624,000 |
| Total Revenue | $0 | $321,200 | $540,900 |
| Expenditure: | |||
| General Fund | $0 | ($19,026,000) | ($19,026,000) |
| General Fund, One-Time | $0 | $1,026,000 | $0 |
| Education Fund | $0 | $19,026,000 | $19,026,000 |
| Education Fund, One-Time | $0 | ($1,026,000) | $0 |
| Total Expenditure | $0 | $0 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $321,200 | $540,900 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | ($1,199,500) | ($1,083,100) |
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)):
By increasing the general sales tax rate and enacting a 5% refundable EITC, this bill shifts tax liability from about 180,000 individuals receiving the EITC to all sales tax payers.
| 3/2/2011, 9:38:56 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |