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Fiscal Note - State of Utah - 2012 General Session

SB0285 - Education Contribution on Tax Returns

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill creates the "Invest More for Education" Account; total expected contributions are anticipated at $30,000 annually.

State Budget Detail TableFY 2012FY 2013FY 2014
Revenue:   
Uniform School Fund Restricted$0$30,000$30,000
   Total Revenue$0$30,000$30,000
    
Expenditure$0$0$0
    
Net Impact, All Funds (Rev.-Exp.)$0$30,000$30,000
   Net Impact, General/Education Funds (Rev.-Exp.)$0$0$0

Local Governments (UCA 36-12-13(2)(c)):
Depending upon legislative appropriation and individual income tax filer contributions, enactment of this bill may increase revenue to school districts and/or charter schools by an anticipated $30,000 per year.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Enactment of this bill allows individual income tax filers to contribute to the newly created "Invest More for Education" Account. The total expected contribution amount is $30,000 annually.

2/28/2012, 11:14:08 AM, Lead Analyst: Young, T./Attny: RLROffice of the Legislative Fiscal Analyst