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 Table | FY 2012 | FY 2013 | FY 2014 |
| Revenue: | |||
| 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) |
| Expenditure | $0 | $0 | $0 |
| 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: RLR | Office of the Legislative Fiscal Analyst |