Fiscal Note
S.B. 71
2025 General Session
Social Security Tax Revisions
by Harper, Wayne A.
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $(158,000,000) $14,200,000 $(143,800,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2025 FY 2026 FY 2027
Income Tax Fund $0 $(158,000,000) $(158,000,000)
Income Tax Fund, One-time $0 $14,200,000 $0
Total Revenues $0 $(143,800,000) $(158,000,000)
Enactment of this legislation could decrease Income Tax Fund revenues by an estimated $143.8
million in FY 2026 and $158.0 million in FY 2027 as a result of removing the income limitations on
eligibility for the social security benefits tax credit.
Expenditures FY 2025 FY 2026 FY 2027
Total Expenditures $0 $0 $0
Enactment of this legislation likely will not materially impact state expenditures.
FY 2025 FY 2026 FY 2027
Net All Funds $0 $(143,800,000) $(158,000,000)
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 result in average annual tax savings of $946 for an estimated
152,000 individuals in tax year 2025. Individual impacts will vary based on filing status, income level,
social security benefits, 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.
S.B. 71
2025/01/15 10:08, Lead Analyst: Travis Eisenbacher, Attorney: Harb, G. 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.
S.B. 71
2025/01/15 10:08, Lead Analyst: Travis Eisenbacher, Attorney: Harb, G.