Fiscal Note - State of Utah - 2012 General Session
HB0299 - Tax Revisions
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill could decrease General Fund revenue by $378,920,000, Education Fund revenue by $53,768,000, and restricted revenue by $99,716,000, all in FY 2013. For FY 2014 and ongoing, General Fund revenue could decrease by $394,076,000, Education Fund revenue could be reduced by $215,072,000, and restricted revenue could fall by $103,704,000. Costs to the Tax Commission are estimated at $40,500 one-time from the General Fund in FY 2012 and $45,000 one-time from the Education Fund in FY 2013.
State Budget Detail Table | FY 2012 | FY 2013 | FY 2014 |
Revenue: | |||
General Fund | $0 | ($394,076,000) | ($394,076,000) |
General Fund, One-Time | $0 | $15,156,000 | $0 |
Education Fund | $0 | ($215,072,000) | ($215,072,000) |
Education Fund, One-Time | $0 | $161,304,000 | $0 |
Restricted Funds | $0 | $3,988,000 | $0 |
Restricted Funds | $0 | ($103,704,000) | ($103,704,000) |
Total Revenue | $0 | ($532,404,000) | ($712,852,000) |
Expenditure: | |||
General Fund, One-Time | $40,500 | $0 | $0 |
Education Fund, One-Time | $0 | $45,000 | $0 |
Total Expenditure | $40,500 | $45,000 | $0 |
Net Impact, All Funds (Rev.-Exp.) | ($40,500) | ($532,449,000) | ($712,852,000) |
Net Impact, General/Education Funds (Rev.-Exp.) | ($40,500) | ($432,733,000) | ($609,148,000) |
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)):
Individuals would receive an aggregate sales tax reduction of $497,780,000 ongoing. Actual benefits per individual or business depend on the purchase levels. Income tax reductions will be $10 per $1,000 in taxable income per taxpayer for an aggregate savings of $537,680,000 ongoing.
2/3/2012, 7:41:28 AM, Lead Analyst: Wilko, A./Attny: RLR | Office of the Legislative Fiscal Analyst |