Fiscal Note - State of Utah - 2014 General Session

HB0140 - Tax Credit Amendments

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may decrease revenue to the Education Fund by $100,000 annually beginning in FY 2015. Costs to the Department of Workforce Services to certify the tax credits would be $23,300 in federal funds annually.

State Budget Detail TableFY 2014FY 2015FY 2016
Education Fund$0($100,000)($100,000)
   Total Revenue$0($100,000)($100,000)
Federal Funds$0$23,300$23,300
   Total Expenditure$0$23,300$23,300
Net Impact, All Funds (Rev.-Exp.)$0($123,300)($123,300)
   Net Impact, General/Education Funds (Rev.-Exp.)$0($100,000)($100,000)

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 could get a credit of up to $2,000 in a fiscal year for each homeless individual hired. Under the cap provided by the bill businesses could cumulatively employ approximately 50 individuals.

Performance Note Required? (Joint Rule 4-2-404): No

2/19/2014, 2:05:01 PM, Lead Analyst: Wilko, A./Attny: RLROffice of the Legislative Fiscal Analyst