Fiscal Note - State of Utah - 2012 General Session

SB0024 - Research Tax Credit Amendments

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill reduces revenue to the Education Fund by $402,000 annually.

State Budget Detail TableFY 2012FY 2013FY 2014
Revenue:   
Education Fund($402,000)($402,000)($402,000)
   Total Revenue($402,000)($402,000)($402,000)
    
Expenditure$0$0$0
    
Net Impact, All Funds (Rev.-Exp.)($402,000)($402,000)($402,000)
   Net Impact, General/Education Funds (Rev.-Exp.)($402,000)($402,000)($402,000)

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 and businesses involved in certain research activities will see a decrease of $402,000 in tax liability related to purchases of machinery and/or equipment.

1/18/2012, 10:12:25 AM, Lead Analyst: Young, T./Attny: RLROffice of the Legislative Fiscal Analyst