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 Table | FY 2012 | FY 2013 | FY 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: RLR | Office of the Legislative Fiscal Analyst |