H.B. 557
2023/02/27 08:19, Lead Analyst: Maddy Oritt Attorney: GG2
Fiscal Note
H.B. 557
2023 General Session
Tax Increment Financing Revisions
by Dunnigan, J.
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $(7,300) $(20,000) $(27,300)
State Government UCA 36-12-13(2)(c)
Revenues FY 2023 FY 2024 FY 2025
Total Revenues $0 $0 $0
Enactment of this legislation likely will not materially impact state revenue.
Expenditures FY 2023 FY 2024 FY 2025
General Fund $0 $7,300 $7,300
General Fund, One-time $0 $20,000 $0
Total Expenditures $0 $27,300 $7,300
Enactment of this legislation could cost the Governor''s Office of Economic Opportunity approximately
$7,300 ongoing from the General Fund beginning in FY 2024 and $20,000 one-time from the General
Fund in FY 2024 for costs associated with system programming, implementation, and management.
FY 2023 FY 2024 FY 2025
Net All Funds $0 $(27,300) $(7,300)
Local Government UCA 36-12-13(2)(c)
To the extent that redevelopment agencies fail to comply with the provisions of this bill, enactment of
the bill could result in redevelopment agencies receiving less property tax increment; the aggregate
impact is unknown.
Individuals & Businesses UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct expenditures from tax or fee changes for Utah
residents and businesses.
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. 557
2023/02/27 08:19, Lead Analyst: Maddy Oritt Attorney: GG2
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.