Fiscal Note - State of Utah - 2014 General Session

HB0218 - Tax Credit for Working Individuals and Families

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may decrease revenue to the Education Fund by $24,700,000 beginning in FY 2016. The Education Fund revenue reduction will be offset by a transfer from the General Fund equal to the credits claimed. Credits cannot be claimed until the January after either Congress or the Courts act to require certain sellers to collect sales taxes.

State Budget Detail TableFY 2014FY 2015FY 2016
General Fund$0$0($24,700,000)
Education Fund$0$0$24,700,000
Education Fund$0($24,700,000)($24,700,000)
Education Fund, One-Time$0$24,700,000$0
   Total Revenue$0$0($24,700,000)
Net Impact, All Funds (Rev.-Exp.)$0$0($24,700,000)
   Net Impact, General/Education Funds (Rev.-Exp.)$0$0($24,700,000)

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 could provide an estimated 218,500 taxpayers an average benefit of approximately $113 beginning in FY 2016.

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

2/6/2014, 1:57:42 PM, Lead Analyst: Wilko, A./Attny: RLROffice of the Legislative Fiscal Analyst