Fiscal Note - State of Utah - 2012 General Session

HB0299S01 - Tax Revisions

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may reduce revenue to the Education Fund by $7,720,000 in FY 2013 and by $16,056,000 in FY 2014. The carry forward provisions of this bill will increase the total revenue loss annually.

State Budget Detail TableFY 2012FY 2013FY 2014
Education Fund$0($16,056,000)($16,056,000)
Education Fund, One-Time$0$8,336,000$0
   Total Revenue$0($7,720,000)($16,056,000)
Net Impact, All Funds (Rev.-Exp.)$0($7,720,000)($16,056,000)
   Net Impact, General/Education Funds (Rev.-Exp.)$0($7,720,000)($16,056,000)

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)):
Individuals who have paid college tuition could receive a credit over time equal to the full cost of tuition.

2/27/2012, 11:37:40 AM, Lead Analyst: Wilko, A./Attny: RLROffice of the Legislative Fiscal Analyst