General, Income Tax, and Uniform School FundsJR4-4-101

	Ongoing	One-time	Total
Net GF/ITF/USF (rev.-exp.)	$4,603,100	$(4,215,000)	$388,100

State GovernmentUCA 36-12-13(2)(c)

Revenues	FY2026	FY2027	FY2028
General Fund	$0	$6,900,000	$6,900,000
General Fund, One-time	$0	$(5,920,000)	$(2,630,000)
Income Tax Fund	$0	$(2,070,000)	$(2,070,000)
Income Tax Fund, One-time	$0	$2,070,000	$900,000
Total Revenues	$0	$980,000	$3,100,000

Enactment of an international money transmission tax could increase General Fund revenues by an estimated $980,000 in FY 2027; $4.27 million in FY 2028; $5.75 million in FY 2029; and $6.9 million ongoing beginning in FY 2030. Additionally, enactment of a nonrefundable income tax credit for individuals who pay the international money transmission tax equal to the aggregate amount of tax paid during the taxable year may decrease Income Tax Fund revenues by an estimated $1.17 million in FY 2028; $1.61 million in FY 2029; and $2.07 million ongoing beginning in FY 2030.

Expenditures	FY2026	FY2027	FY2028
General Fund	$0	$226,900	$226,900
General Fund, One-time	$0	$361,100	$7,500
Income Tax Fund, One-time	$0	$3,900	$0
Total Expenditures	$0	$591,900	$234,400

Enactment of this legislation could cost the Tax Commission $226,900 ongoing from the General Fund beginning in FY 2027, $365,000 one-time in FY 2027, and $7,500 one-time in FY 2028 from the General and Income Tax Funds for staff support and programming costs.

	FY2026	FY2027	FY2028
Net All Funds (rev-exp)	$0	$388,100	$2,865,600

Local GovernmentUCA 36-12-13(2)(c)

Enactment of this legislation likely will not result in direct, measurable costs for local governments.

Individuals & BusinessesUCA 36-12-13(2)(c)

This bill could result in an aggregate net tax increase for businesses and individuals of $980,000 in FY 2027; $3.1 million in FY 2028; $4.14 million in FY 2029; and $4.83 million in FY 2030.

Regulatory ImpactUCA 36-12-13(2)(d)

Enactment of this legislation could result in a small increase in the regulatory burden for Utah residents or businesses.

Performance EvaluationJR1-4-601

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.

2026/01/16 05:32, Lead Analyst Andrea Wilko, Attorney: Harb, G.

Fiscal Note