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 TableFY 2012FY 2013FY 2014
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
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: RLROffice of the Legislative Fiscal Analyst