Fiscal Note - State of Utah - 2012 General Session
SB0211 - Earned Income Tax Credit and Related Funding
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill will increase revenue to the Education Fund by $2,557,000 in FY 2013 and $2,706,000 in FY 2014.
| State Budget Detail Table | FY 2012 | FY 2013 | FY 2014 |
| Revenue: | |||
| Education Fund | $0 | $2,706,000 | $2,706,000 |
| Education Fund, One-Time | $0 | ($149,000) | $0 |
| Total Revenue | $0 | $2,557,000 | $2,706,000 |
| Expenditure | $0 | $0 | $0 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | $2,557,000 | $2,706,000 |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $2,557,000 | $2,706,000 |
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)):
Enactment of this bill increases the income tax rate on all individuals by 0.04%, or $23,603,000 total in FY 2014; about 200,000 individuals qualifying for a newly created state earned income tax credit would see tax decreases of, on average, about $105 per person, or $20,897,000 total in FY 2014.
| 2/21/2012, 12:11:02 PM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |