 | Fiscal NoteH.B. 427 2026 General Session Tax Increment Financing Modifications by Walter, R. Neil |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $0 | $(5,000) | $(5,000) |
| Revenues | FY2026 | FY2027 | FY2028 |
| Dedicated Credits Revenue | $0 | $50,000 | $50,000 |
| Total Revenues | $0 | $50,000 | $50,000 |
Enactment of this legislation could increase revenues in dedicated credits by $50,000 ongoing in FY 2027 to the Governor's Office of Economic opportunity from Local Government or Public Entities paying an application fee.
| Expenditures | FY2026 | FY2027 | FY2028 |
| Dedicated Credits Revenue | $0 | $50,000 | $50,000 |
| General Fund, One-time | $5,000 | $0 | $0 |
| Total Expenditures | $5,000 | $50,000 | $50,000 |
Enactment of this bill may cost the Governor's Office of Economic Opportunity $50,000 ongoing in Dedicated Credits beginning in FY 2027 to review applications for utilizing tax increment financing. Additionally, enactment of this bill may cost the Governor's Office of Economic Opportunity $5,000 one-time from the General Fund in FY 2026 to set up an application portal and process for the new application.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $(5,000) | $0 | $0 |
To the extent that a Local Government or Public Entity submit an application to utilize tax increment financing, the Governor's Office of Economic may establish an application fee and in aggregate it is estimated that Local Government or Public Entities may pay $50,000 ongoing in FY 2027.
Enactment of this legislation likely will not result in direct expenditures from tax or fee changes for Utah residents and businesses.
Enactment of this legislation likely will not change the regulatory burden for Utah residents or businesses.
This bill creates a new program or significantly expands an existing program.
For a list of questions lawmakers might ask to improve accountability for the proposed
program, please see:
https://budget.utah.gov/newprogram