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Fiscal NoteH.B. 170 2023 General Session Child Care Tax Credit Amendments by Pulsipher, S |  |
General, Income Tax, and Uniform School FundsJR4-4-101
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(41,820,000) | $41,820,000 | $0 |
State GovernmentUCA36-12-13(2)(c)
| Revenues | FY 2023 | FY 2024 | FY 2025 |
| Income Tax Fund | $0 | $(41,820,000) | $(41,820,000) |
| Income Tax Fund, One-time | $0 | $41,820,000 | $0 |
| Total Revenues | $0 | $0 | $(41,820,000) |
Enactment of this legislation could reduce revenue to the Income Tax Fund by $41,820,000 beginning in FY 2025 as a result of the nonrefundable child care credit authorized in the bill.
| Expenditures | FY 2023 | FY 2024 | FY 2025 |
| Total Expenditures | $0 | $0 | $0 |
Enactment of this legislation likely will not materially impact state expenditures.
| FY 2023 | FY 2024 | FY 2025 | |
| Net All Funds (rev-exp) | $0 | $0 | $(41,820,000) |
Local GovernmentUCA36-12-13(2)(c)
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Individuals & BusinessesUCA36-12-13(2)(c)
Enactment of this legislation could result in an average tax savings of $1,336 for an estimated 31,300 individuals beginning in FY 2024.
Regulatory ImpactUCA36-12-13(2)(d)
Enactment of this legislation likely will not change the regulatory burden for Utah residents or businesses.
Performance EvaluationJR1-4-601
This bill does not create a new program or significantly expand an existing program.