Fiscal Note - State of Utah - 2014 General Session

SB0233S02 - Utah Small Business Jobs Act

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill may forgo about $6,000,000 General Fund from Insurance Premiums Tax in FY 2017 and around $29,000,000 over the life of the tax credit. The bill also appropriates $100,000 in Dedicated Credits revenue to the Governor's Office of Economic Development to administer the program and authorizes the office to collect the Dedicated Credits through a fee.

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

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 may reduce, for certain businesses, what would have been an insurance premium liability of $6,000,000 in FY 2017 and $29,000,000 over the life of the credit. The eligible companies will pay a fee that will vary depending on how many applicants there are. The cumulative fee collected from the companies will be $100,000 in the aggregate.

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

3/12/2014, 10:13:30 AM, Lead Analyst: Wilko, A./Attny: POOffice of the Legislative Fiscal Analyst