H.B. 480
2023/02/20 11:19, Lead Analyst: Andrea Wilko Attorney: AVA
Fiscal Note
H.B. 480
2023 General Session
Child Tax Credit Amendments
by Briscoe, J.
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $(81,700,000) $0 $(81,700,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2023 FY 2024 FY 2025
Income Tax Fund $0 $(81,700,000) $(81,700,000)
Total Revenues $0 $(81,700,000) $(81,700,000)
Enactment of this bill may reduce Income Tax Fund revenue by $81,700,000 ongoing beginning in FY
2024 as a result of the tax 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 $0 $(81,700,000) $(81,700,000)
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 result in an estimated 107,220 individuals being eligible for a refundable
tax credit of $762 on average beginning in tax year 2023 (FY 2024). Individual taxpayer impacts will
vary based on filing status, income, and number of qualifying children.
Regulatory Impact UCA 36-12-13(2)(d)
Enactment of this legislation likely will not change the regulatory burden for Utah residents or
businesses.
Performance Evaluation JR1-4-601
This bill does not create a new program or significantly expand an existing program. H.B. 480
2023/02/20 11:19, Lead Analyst: Andrea Wilko Attorney: AVA
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.