Fiscal Note - State of Utah - 2012 General Session

SB0027S02 - Amendments to Revenue and Taxation Title

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill reduces one-time revenue to the General Fund of $1,700,000 beginning in FY2015 and forgoes another $6,700,000 in General Fund revenue per year beginning in FY 2012.

Local Governments (UCA 36-12-13(2)(c)):
Local entities can expect a one-time decrease in sales tax revenue of about $500,000 in FY 2015.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Individuals and businesses that paid sales tax on items exempt from taxation will be able to apply for $2,200,000 in refunds in FY 2015.

3/6/2012, 8:44:55 AM, Lead Analyst: Young, T./Attny: RLROffice of the Legislative Fiscal Analyst