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

	Ongoing	One-time	Total
Net GF/ITF/USF (rev.-exp.)	$(6,090,000)	$6,086,100	$(3,900)

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

Revenues	FY2026	FY2027	FY2028
General Fund	$0	$(6,090,000)	$(6,090,000)
General Fund, One-time	$0	$6,090,000	$6,090,000
Total Revenues	$0	$0	$0

Enactment of this legislation expands the Utah Rural Jobs Act to allow the tax credit to be claimed against insurance premium tax. Additionally, this bill authorizes the Governor's Office of Economic Opportunity (GOEO) to approve up to $24,360,000 in total credit-eligible contributions under phase three investment authority based on applications submitted to the office on or after November 2, 2026. Assuming the credits are spent evenly over 4 years the annual loss to the General Fund could be $6,090,000 annually in tax years 2030 through 2033

Expenditures	FY2026	FY2027	FY2028
Income Tax Fund, One-time	$3,900	$0	$0
Total Expenditures	$3,900	$0	$0

Enactment of this legislation could cost the Tax Commission $3,900 one-time from the Income Tax Fund in FY 2026 for system updates.

	FY2026	FY2027	FY2028
Net All Funds (rev-exp)	$(3,900)	$0	$0

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)

Enactment of this legislation authorizes additional nonrefundable rural job creation tax credits for taxpayers who make credit-eligible contributions to a rural investment company that invests in eligible small businesses. The total credit-eligible contributions is capped at $24,360,000. The tax credits are not claimed immediately; they are designed to be claimed in equal 25% installments over a four-year period starting on the 4th through the 7th anniversary dates following the initial investment. As a result, taxpayers could claim a combined $6,090,000 in tax credits annually for tax years 2030 through 2033.

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

Enactment of this legislation likely will not change 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.

2026/02/13 10:54, Lead Analyst Andrea Wilko, Attorney: Arthur, A. V.

Fiscal Note