H.B. 54
2022/12/20 19:11, Lead Analyst: Andrea Wilko Attorney: AVA
Fiscal Note
H.B. 54
2023 General Session
Tax Revisions
by Eliason, S.
General, Education, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/EF/USF (rev.-exp.) $(96,034,000) $(21,851,000) $(117,885,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2023 FY 2024 FY 2025
Income Tax Fund $0 $(96,034,000) $(96,034,000)
Income Tax Fund, One-time $(1,669,000) $(20,182,000) $0
Total Revenues $(1,669,000) $(116,216,000) $(96,034,000)
Enactment of this bill may reduce Income Tax Fund revenues by an estimated $1,669,000 in FY 2023,
$116.2 million in FY 2024, and $96.0 million in FY 2025 as a result of the income and corporate tax
rate decrease provided 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 $(1,669,000) $(116,216,000) $(96,034,000)
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Individuals & Businesses UCA 36-12-13(2)(c)
Enactment of this bill could reduce income taxes for individuals and businesses by an estimated
$116.2 million in FY 2024 and $96.0 million in FY 2025 in aggregate. Individual taxpayer impacts will
vary based on taxable income, tax credits, and other factors.
Regulatory Impact UCA 36-12-13(2)(d)
Enactment of this legislation likely will not change the regulatory burden for Utah residents or
businesses. H.B. 54
2022/12/20 19:11, Lead Analyst: Andrea Wilko Attorney: AVA
Performance Evaluation JR1-4-601
This bill does not create a new program or significantly expand an existing program.
Notes on Notes
Fiscal notes estimate the direct costs or revenues of enacting a bill. The Legislature uses them to balance the budget. They do not measure a bill's
benefits or non-fiscal impacts like opportunity costs, wait times, or inconvenience. A fiscal note is not an appropriation. The Legislature decides
appropriations separately.