Fiscal Note - State of Utah - 2012 General Session

HB0365 - Revisions to Tax

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may decrease revenue to the General Fund by $4,800,000 in FY 2013 and by $4,900,000 in FY 2014. The provisions of the bill will also increase revenue to the Education Fund by $4,600,000 in FY 2013 and by $4,300,000 in FY 2014.

State Budget Detail TableFY 2012FY 2013FY 2014
General Fund$0($4,900,000)($4,900,000)
General Fund, One-Time$0$100,000$0
Education Fund$0$4,300,000$4,300,000
Education Fund, One-Time$0$300,000$0
   Total Revenue$0($200,000)($600,000)
Net Impact, All Funds (Rev.-Exp.)$0($200,000)($600,000)
   Net Impact, General/Education Funds (Rev.-Exp.)$0($200,000)($600,000)

Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill could decrease local revenue by $2,000,000 in FY 2013 and by $2,124,000 in FY 2013.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Life science research facilities will experience a net benefit as the sales and use tax exemption more than offsets the reduction in research tax credits. The cumulative benefit is $200,000 in FY 2013 and $600,000 in FY 2014.

2/21/2012, 11:08:00 AM, Lead Analyst: Wilko, A./Attny: RLROffice of the Legislative Fiscal Analyst