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

	Ongoing	One-time	Total
Net GF/ITF/USF (rev.-exp.)	$(130,200)	$(18,200)	$(148,400)

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

Revenues	FY2026	FY2027	FY2028
Total Revenues	$0	$0	$0

Enactment of this legislation likely will not materially impact state revenue.

Expenditures	FY2026	FY2027	FY2028
Income Tax Fund	$0	$130,200	$130,200
Income Tax Fund, One-time	$0	$18,200	$0
Total Expenditures	$0	$148,400	$130,200

Enactment of this legislation could cost the Tax Commission $130,200 ongoing from the Income Tax Fund beginning in FY 2027 for one full-time equivalent position to manage the additional workload, and $18,200 one-time from the Income Tax Fund in FY 2027 for system updates.

	FY2026	FY2027	FY2028
Net All Funds (rev-exp)	$0	$(148,400)	$(130,200)

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

Enactment of this legislation could limit future property tax increases to 5% year-over-year absent a vote of the people. The value of future forgone tax revenue is unknowable, but had this bill been in effect for 2005, if no entities seeking a greater than 5% increase to property tax revenues succeeded at election, the maximum possible forgone revenue would have been $1.2 billion to all entities statewide compared to actual 2026 budgets.

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

Enactment of this legislation could limit future property tax increases to 5% year-over-year absent a vote of the people. The value of future avoided tax increases is unknowable, but had this bill been in effect for 2005, and no entities seeking a greater than 5% increase to property tax revenues succeeded at election, the bill would have avoided $1.2 billion in increased taxpayer liability as compared to actual 2026 budgets. This maximum possible impact would have been approximately $277.76 per year to owners of a primary residence worth $500,000 and $1,010 per year for owners of a business worth $1 million.

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.

2026/02/14 11:49, Lead Analyst Andrea Wilko, Attorney: Arthur, A. V.

Fiscal Note