 | Fiscal NoteH.B. 587 2026 General Session Income Tax Amendments by Eliason, Steve |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(57,117,100) | $14,676,800 | $(42,440,300) |
| Revenues | FY2026 | FY2027 | FY2028 |
| Income Tax Fund | $0 | $(57,000,000) | $(57,000,000) |
| Income Tax Fund, One-time | $14,600,000 | $0 | $0 |
| Total Revenues | $14,600,000 | $(57,000,000) | $(57,000,000) |
Enactment of this legislation is estimated to increase Income Tax Fund revenues by $14.6 million in FY 2026. It is estimated to decrease Income Tax Fund revenues by $57.0 million in FY 2027; $57.0 million in FY 2028; $77.0 million in FY 2029; $97.0 million in FY 2030; and $114.0 million in FY 2031.
| Expenditures | FY2026 | FY2027 | FY2028 |
| Income Tax Fund | $0 | $117,100 | $117,100 |
| Income Tax Fund, One-time | $0 | $(76,800) | $2,000 |
| Total Expenditures | $0 | $40,300 | $119,100 |
Enactment of this legislation could cost the Tax Commission $40,300 one-time in FY 2027 and $2,000 one-time in FY 2028 from the Income Tax Fund for system updates. Enactment of this legislation could also cost the Tax Commission $117,100 ongoing beginning in FY 2028 for staff time to review and audit compliance.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $14,600,000 | $(57,040,300) | $(57,119,100) |
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Enactment of this legislation in net, is projected to increase individual and business income tax liability by $14.6 million in FY 2026 and decrease income tax liability by $57.0 million in FY 2027; $57.0 million in FY 2028; $77.0 million in FY 2029; $97.0 million in FY 2030; and $114.0 million in FY 2031.
Enactment of this legislation likely will not change the regulatory burden for Utah residents or businesses.
This bill does not create a new program or significantly expand an existing program.