 | Fiscal NoteH.B. 170 3rd Sub. (Cherry) 2023 General Session Child Tax Credit Revisions by Pulsipher, S (Pulsipher, Susan.) |  |
General, Income Tax, and Uniform School FundsJR4-4-101
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(9,630,000) | $9,630,000 | $0 |
State GovernmentUCA36-12-13(2)(c)
| Revenues | FY 2023 | FY 2024 | FY 2025 |
| Income Tax Fund | $0 | $(9,630,000) | $(9,630,000) |
| Income Tax Fund, One-time | $0 | $9,630,000 | $0 |
| Total Revenues | $0 | $0 | $(9,630,000) |
Enactment of this bill may reduce revenues to the Income Tax Fund by $9.6 million beginning in FY 2025 as a result of the credits authorized in the legislation.
| 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 | $(9,630,000) |
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)
An estimated 20,929 individuals may see tax savings of $460 on average beginning in tax year 2024 (FY 2025). Individual impacts will vary based on income, number of qualifying children, filing status, and other factors.
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.