 | Fiscal NoteS.B. 60 2026 General Session Income Tax Rate Amendments by McCay, Daniel |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(101,000,000) | $(23,303,900) | $(124,303,900) |
| Revenues | FY2026 | FY2027 | FY2028 |
| Income Tax Fund | $0 | $(101,000,000) | $(101,000,000) |
| Income Tax Fund, One-time | $(1,300,000) | $(22,000,000) | $0 |
| Total Revenues | $(1,300,000) | $(123,000,000) | $(101,000,000) |
Enactment of this legislation could reduce Income Tax Fund revenue by an estimated $1,300,000 in FY 2026, $123,000,000 in FY 2027, and $101,000,000 in FY 2028, resulting from the lower income tax rate.
| Expenditures | FY2026 | FY2027 | FY2028 |
| Income Tax Fund, One-time | $0 | $3,900 | $0 |
| Total Expenditures | $0 | $3,900 | $0 |
Enactment of this legislation could cost the Tax Commission an estimated $3,900 one-time from the Income Tax Fund in FY 2027 to implement changes to the State's tax systems, forms, instructions, training and processes.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $(1,300,000) | $(123,003,900) | $(101,000,000) |
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Enactment of this legislation could reduce income taxes for individuals and businesses by an estimated $1,300,000 in FY 2026, $123,000,000 in FY 2027, and $101,000,000 in FY 2028 in aggregate, resulting from the lower income tax rate; individual impacts will vary.
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.