Fiscal Note - State of Utah - 2011 General Session
SB0233 - Tax Modifications
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill increases one-time revenue to the Education Fund by $124,959,100 in FY 2012 and decreases ongoing revenue to the Education Fund by $6,699,200 in FY 2012. The Tax Commission requires $330,000 in FY 2012 for one-time programming costs and $30,000 ongoing for processing and compliance.
| State Budget Detail Table | FY 2011 | FY 2012 | FY 2013 |
| Revenue: | |||
| Education Fund | $0 | ($6,699,200) | ($6,699,200) |
| Education Fund, One-Time | $0 | $124,959,100 | $0 |
| Total Revenue | $0 | $118,259,900 | ($6,699,200) |
| Expenditure: | |||
| Education Fund | $0 | $30,000 | $30,000 |
| Education Fund, One-Time | $0 | $330,000 | $0 |
| Total Expenditure | $0 | $360,000 | $30,000 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $117,899,900 | ($6,729,200) |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $117,899,900 | ($6,729,200) |
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 80,000 individuals with income from sole proprietorships, partnerships, S-corporations, estates, trusts, rental real estate, and/or royalties and an expected end of year tax payment of over $1,000 will be required to file quarterly payments. This increases the cost of compliance with the tax law for these individuals by $10,000,000 annually. Certain qualifying individuals and businesses will experience a decrease in tax penalties of $6,740,100 in FY 2012 and $6,699,200 in FY 2013.
| 3/3/2011, 10:33:03 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |