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Fiscal Note - State of Utah - 2012 General Session

SB0065S03 - Alternative Energy Development Tax Incentives

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may reduce revenue to the General Fund by about $200,000 in FY2013 and FY2014. Presuming the state has 20% of its energy in 2025 produced by the alternative energy sources identified in this bill, enactment of this bill may forgo revenue to the Education Fund by about $60 million and forgo revenue to the General Fund by about $14 million in FY2025

State Budget Detail TableFY 2012FY 2013FY 2014
Revenue:   
General Fund$0($200,000)($200,000)
   Total Revenue$0($200,000)($200,000)
    
Expenditure$0$0$0
    
Net Impact, All Funds (Rev.-Exp.)$0($200,000)($200,000)
   Net Impact, General/Education Funds (Rev.-Exp.)$0($200,000)($200,000)

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)):
Businesses eligible for the tax incentives authorized by this bill may see sales tax reductions of $200,000 in FY2013 and FY2014. Also, by requiring eligible businesses to cover the costs of a certified public accountant and an independent auditor, this bill increases the administrative costs of complying with statute by an annual average of up to $15,000 per eligible business. Presuming the state has 20% of its energy in 2025 produced by the alternative energy sources identified in this bill, enactment of this bill may reduce business taxes by about $74 million in 2025.

3/5/2012, 10:29:49 AM, Lead Analyst: Young, T./Attny: RLROffice of the Legislative Fiscal Analyst