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 TableFY 2011FY 2012FY 2013
Education Fund$21,100$21,100$21,100
   Total Revenue$21,100$21,100$21,100
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: RLROffice of the Legislative Fiscal Analyst