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

	Ongoing	One-time	Total
Net GF/ITF/USF (rev.-exp.)	$(34,400,000)	$(19,400)	$(34,419,400)

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

Revenues	FY2026	FY2027	FY2028
Restricted Accounts (FN Only)	$0	$(34,400,000)	$(34,400,000)
Total Revenues	$0	$(34,400,000)	$(34,400,000)

Enactment of this legislation could decrease the state basic rate by $34.4 million ongoing beginning in FY 2027, using 2025 as a baseline. 2026 values and revenues have not been established.

Expenditures	FY2026	FY2027	FY2028
Restricted Accounts (FN Only)	$0	$(34,400,000)	$(34,400,000)
Income Tax Fund	$0	$34,400,000	$34,400,000
Income Tax Fund, One-time	$0	$19,400	$0
Total Expenditures	$0	$19,400	$0

Enactment of this legislation could decrease the state basic rate by $34.4 million ongoing beginning in FY 2027, using 2025 as a baseline. 2026 values and revenues have not been established. This would increase the Income Tax Fund expenditures for education in a like amount. Enactment of this legislation could also cost the Tax Commission $19,400 one-time from the Income Tax Fund in FY 2027 for system updates.

	FY2026	FY2027	FY2028
Net All Funds (rev-exp)	$0	$(34,419,400)	$(34,400,000)

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

Enactment of this legislation could decrease local property tax revenue by $93 million statewide, using 2025 as a baseline. 2026 values and revenues have not been established. As new growth revenues form part of the revenue target in future years, tax rates could also be lower going forward.

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

Enactment of this legislation could save individuals and businesses approximately $127.4 million in property taxes in aggregate, using 2025 as a baseline. 2026 values and revenues have not been established.

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.

2026/02/05 13:00, Lead Analyst Andrea Wilko, Attorney: Arthur, A. V.

Fiscal Note