Fiscal Note - State of Utah - 2011 General Session
SB0226S01 - Income Tax Credits for Cleaner Burning Fuels
State Government (UCA 36-12-13(2)(b)):
Based upon current demand for electric vehicles, enactment of this bill increases revenue to the Education Fund by $21,100 annually.
| State Budget Detail Table | FY 2011 | FY 2012 | FY 2013 |
| Revenue: | |||
| Education Fund | $21,100 | $21,100 | $21,100 |
| Total Revenue | $21,100 | $21,100 | $21,100 |
| Expenditure | $0 | $0 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | $21,100 | $21,100 | $21,100 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $21,100 | $21,100 | $21,100 |
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)):
About 908 new individuals and businesses purchasing eligible cleaner burning fuel (electric) vehicles are able to reduce income and corporate tax liability by $605 per purchase, or $549,300 annually. About 3,936 other individuals will see a decrease in the amount of credit taken, which increases their tax liability by $570,400.
| 3/1/2011, 11:36:03 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |