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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 TableFY 2012FY 2013FY 2014
Restricted Funds($9,236,000)($19,996,000)($7,346,000)
   Total Revenue($9,236,000)($19,996,000)($7,346,000)
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: PLAOffice of the Legislative Fiscal Analyst