H.B. 240
2023/01/19 21:08, Lead Analyst: Andrea Wilko Attorney: AVA
Fiscal Note
H.B. 240
2023 General Session
Income Tax Amendments
by Abbott, N.
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $(379,520,000) $(86,300,000) $(465,820,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2023 FY 2024 FY 2025
Income Tax Fund $0 $(379,520,000) $(379,520,000)
Income Tax Fund, One-time $(6,670,000) $(79,630,000) $0
Total Revenues $(6,670,000) $(459,150,000) $(379,520,000)
Enactment of this bill may reduce Income Tax Fund revenues by an estimated $6.7 million in FY 2023,
$459.15 million in FY 2024, and $379.52 million in FY 2025 as a result of the rate reduction 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 $(6,670,000) $(459,150,000) $(379,520,000)
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 legislation could reduce income taxes for individuals and businesses by an
estimated $6.7 million in FY 2023, $459.15 million in FY 2024 and $379.52 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. 240
2023/01/19 21:08, 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.