Bill Summary – FastDemocracy

Fiscal Note
                                   S.B. 71 1st Sub. (Green)
                                   2024 General Session Cannabis Business Tax Credit Amendments by Vickers, E. (Vickers, Evan.)
General, Income Tax, and Uniform School Funds JR4-4-101
                                              Ongoing One-time Total Net GF/ITF/USF (rev.-exp.)                 $(1,470,000)               $130,000                $(1,340,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2024            FY 2025                 FY 2026
Income Tax Fund                                             $0        $(1,470,000)            $(1,470,000)
Income Tax Fund, One-time                                   $0           $130,000                       $0
Total Revenues                                              $0        $(1,340,000)            $(1,470,000)
Enactment of this legislation could reduce revenues to the Income Tax Fund by $1,340,000 in FY 2025
and $1,470,000 ongoing beginning in FY 2026.
Expenditures FY 2024             FY 2025                 FY 2026
Dedicated Credits Revenue                                   $0              $1,000                      $0
Total Expenditures                                          $0              $1,000                      $0
Enactment of this legislation could cost the Department of Agriculture approximately $1,000 one-time from the Qualified Production Enterprise Fund in FY 2025 for staff time to collect and report cannabis business licensee data; the agency has indicated this cost could be absorbed.
                                                       FY 2024             FY 2025                 FY 2026
Net All Funds                                                 $0      $(1,341,000)            $(1,470,000)
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
                                                                                                               S.B. 71 1st Sub. (Green)
Individuals & Businesses UCA 36-12-13(2)(c)
Businesses that cultivate, process, or sell medical cannabis may be eligible for a nonrefundable income tax credit that could result in aggregate tax savings of $1,340,000 in tax year 2024 (FY 2025)
and $1,470,000 ongoing beginning in tax year 2025 (FY 2026).
Regulatory Impact UCA 36-12-13(2)(d)
Enactment of this legislation likely will not change the regulatory burden for Utah residents or
businesses.
2024/01/22 16:43, Lead Analyst: Travis D Eisenbacher Attorney: AVA
Performance Evaluation JR1-4-601
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.
                                                                                                                                                       S.B. 71 1st Sub. (Green)
2024/01/22 16:43, Lead Analyst: Travis D Eisenbacher Attorney: AVA
Statutes affected: 
Introduced: 
Amended: 
S.B. 71 1st Substitute : 
S.B. 71 2nd Substitute (Not Adopted) Text: 