Fiscal Note
H.B. 155
2025 General Session
Personal Property Tax Exemption
Amendments
by Kyle, Jason B.
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $0 $(3,900) $(3,900)
State Government UCA 36-12-13(2)(c)
Revenues FY 2025 FY 2026 FY 2027
Total Revenues $0 $0 $0
Enactment of this legislation likely will not materially impact state revenue.
Expenditures FY 2025 FY 2026 FY 2027
Income Tax Fund, One-time $0 $3,900 $0
Total Expenditures $0 $3,900 $0
Enactment of this legislation could cost the Tax Commission $3,900 one-time in FY 2026 from the
Income Tax Fund to update forms and systems.
FY 2025 FY 2026 FY 2027
Net All Funds $0 $(3,900) $0
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation could result in a shift of $2.3 billion in taxable value from taxable personal
property toward residential and commercial properties. The shift is expected to be revenue-neutral as
a result of truth in taxation.
Individuals & Businesses UCA 36-12-13(2)(c)
Enactment of this legislation could shift property tax paid between businesses and individuals. Owners
of a primary residence worth $500,000 could see an annual property tax increase of approximately
$11.57. Businesses worth $1,000,000 could see an annual property tax increase of $42.05. However,
businesses that have $100,000 or less of personal property in a county could see a property tax
reduction of up to $661.
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. 155
2025/01/23 06:19, Lead Analyst: Andrea Wilko, Attorney: Arthur, A. V. Performance Evaluation JR1-4-601
This bill does not create a new program or significantly expand an existing program.
Notes on Notes
Fiscal explanations 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 explanation is not an appropriation. The
Legislature decides appropriations separately.
H.B. 155
2025/01/23 06:19, Lead Analyst: Andrea Wilko, Attorney: Arthur, A. V.