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 TableFY 2012FY 2013FY 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: RLROffice of the Legislative Fiscal Analyst