Fiscal Note - State of Utah - 2013 General Session
SB0035S01 - Property Taxation of Business Personal Property
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill likely will not materially impact the state budget.
Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill shifts $1.9 million in tax liability from owners of taxable personal property to owners of real property. Overall, because of truth in taxation, local taxing entities are held revenue neutral.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
By shifting $1.9 million in tax liabililty from owners of taxable personal property to real property owners, about 28,300 owners of taxable personal property may see an average tax liability decrease of $67.20, while about 902,000 owners of real property may see an average increase in tax liability of about $2.11; for an owner of a $250,000 home, the tax change equates to $1.21.
Performance Note Required? (Joint Rule 4-2-404): No
2/14/2013, 11:28:18 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |