Fiscal Note - State of Utah - 2012 General Session
SB0211S01 - Earned Income Tax Credit and Related Funding
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill will reduce income tax revenue to the Education Fund by $19,746,700 in FY2013 and $20,897,000 in FY2014. The bill requires a transfer from the General Fund to the Education Fund for the total amount of state earned income tax credits taken in any given year, which equates to a transfer from the General Fund to the Education Fund of $19,746,700 in FY2013 and $20,897,000 in FY2014.
| State Budget Detail Table | FY 2012 | FY 2013 | FY 2014 |
| Revenue: | |||
| Education Fund | $0 | ($20,897,000) | ($20,897,000) |
| Education Fund | $0 | $20,897,000 | $20,897,000 |
| Education Fund, One-Time | $0 | ($1,150,300) | $0 |
| Education Fund, One-Time | $0 | $1,150,300 | $0 |
| Total Revenue | $0 | $0 | $0 |
| Expenditure: | |||
| General Fund | $0 | $20,897,000 | $20,897,000 |
| General Fund, One-Time | $0 | ($1,150,300) | $0 |
| Total Expenditure | $0 | $19,746,700 | $20,897,000 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | ($19,746,700) | ($20,897,000) |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | ($19,746,700) | ($20,897,000) |
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)):
Enactment of this bill allows about 200,000 individuals to take a 5% state earned income tax credit, with an average value of about $105 per person, or total value of $20,897,000 in FY2014.
| 2/23/2012, 11:01:16 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |