 | Fiscal NoteH.B. 153 2024 General Session Child Tax Credit Modifications by Pulsipher, S |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(4,700,000) | $4,700,000 | $0 |
| Revenues | FY 2024 | FY 2025 | FY 2026 |
| Income Tax Fund | $0 | $(1,551,000) | $(1,551,000) |
| Income Tax Fund, One-time | $0 | $1,551,000 | $0 |
| Uniform School Fund | $0 | $(3,149,000) | $(3,149,000) |
| Uniform School Fund, One-time | $0 | $3,149,000 | $0 |
| Total Revenues | $0 | $0 | $(4,700,000) |
Enactment of this bill may reduce revenues to the Income Tax and Uniform School Funds by $4,700,000 ongoing, in aggregate, beginning in FY 2026 as a result of the additional credits authorized in the legislation.
| Expenditures | FY 2024 | FY 2025 | FY 2026 |
| Total Expenditures | $0 | $0 | $0 |
Enactment of this legislation likely will not materially impact state expenditures.
| FY 2024 | FY 2025 | FY 2026 | |
| Net All Funds (rev-exp) | $0 | $0 | $(4,700,000) |
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Enactment of this legislation could result in an estimated 11,100 individuals experiencing tax savings of $423 on average beginning in tax year 2025 as a result of the additional ages authorized in the bill. Aggregate savings could be approximately $4.7 million beginning in FY 2026.