Fiscal Note - State of Utah - 2012 General Session
SB0129 - Unemployment Insurance Modifications
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill will reduce revenue to the Unemployment Compensation Fund by $9,236,000 in FY 2012; $19,996,000 in FY 2013; and $7,346,000 in FY 2014.
| State Budget Detail Table | FY 2012 | FY 2013 | FY 2014 |
| Revenue: | |||
| Restricted Funds | ($9,236,000) | ($19,996,000) | ($7,346,000) |
| Total Revenue | ($9,236,000) | ($19,996,000) | ($7,346,000) |
| Expenditure | $0 | $0 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | ($9,236,000) | ($19,996,000) | ($7,346,000) |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $0 | $0 |
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)):
Employers will have a Calendar Year 2012 tax liability reduction amounting to $26.4 million ($20.4 million from a one-time reduction to the minimum rate and $6 million from capping the maximum rate); a Calendar Year 2013 tax liability reduction amounting to $7 million (from capping the maximum rate) and a Calendar Year 2014 tax liability reduction amounting to $8 million. The bill likely will not result in direct expenditure for individuals.
| 1/26/2012, 7:26:25 AM, Lead Analyst: Ricks, G./Attny: PLA | Office of the Legislative Fiscal Analyst |