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

	Ongoing	One-time	Total
Net GF/ITF/USF (rev.-exp.)	$0	$(7,800)	$(7,800)

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, One-time	$0	$7,800	$0
Total Expenditures	$0	$7,800	$0

Enactment of this legislation could cost the Tax Commission an estimated $7,800 one-time from the Income Tax Fund in FY 2027 for programming changes and updates to related instructions, forms, and processes.

	FY2026	FY2027	FY2028
Net All Funds (rev-exp)	$0	$(7,800)	$0

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

Enactment of this legislation could reduce property tax revenue to project area taxing entities by approximately $17,870,000 ongoing in aggregate beginning in FY 2027; impacts to individual entities will vary. To the extent that certain property improvements may no longer be considered as new growth, enactment of this legislation could reduce property tax revenue to local taxing entities; the aggregate impact is unknown.

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

Enactment of this legislation could reduce property taxes paid by businesses and individuals within project area taxing entities by approximately $17,870,000 ongoing in aggregate beginning in FY 2027. A homeowner with property worth $500,000 may see an average reduction of approximately $9 per year, and a business owner of a property worth $1 million may see an average reduction of $34 per year; individual impacts will vary. To the extent that certain property improvements may no longer be considered as new growth, enactment of this legislation could reduce property taxes paid by businesses and individuals; the aggregate impact is unknown.

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.

2026/03/05 08:46, Lead Analyst Travis Eisenbacher, Attorney: Harb, G.

Fiscal Note