Fiscal Note
1st Sub. S.B. 71 (Green)
2025 General Session
Social Security Tax Revisions
by Harper, Wayne A.
(McCay, Daniel)
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $(8,200,000) $400,000 $(7,800,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2025 FY 2026 FY 2027
Income Tax Fund $0 $(8,200,000) $(8,200,000)
Income Tax Fund, One-time $0 $400,000 $0
Total Revenues $0 $(7,800,000) $(8,200,000)
Enactment of this legislation could decrease Income Tax Fund revenues by an estimated $7.8 million
in FY 2026 and $8.2 million in FY 2027 as a result of increasing the income phaseout thresholds 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 $(7,800,000) $(8,200,000)
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 $98 for an estimated 80,000
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.
1st Sub. S.B. 71 (Green)
2025/03/04 14:23, 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.
1st Sub. S.B. 71 (Green)
2025/03/04 14:23, Lead Analyst: Travis Eisenbacher, Attorney: Harb, G.