Fiscal Note
H.B. 465 2nd Sub. (Gray)
2024 General Session Housing Affordability Revisions by Whyte, S. (Pierucci, Candice.)
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total Net GF/ITF/USF (rev.-exp.) $0 $0 $0
State Government UCA 36-12-13(2)(c)
Revenues FY 2024 FY 2025 FY 2026
Total Revenues $0 $0 $0
Enactment of this legislation will permit the Utah Housing Corporation to carry forward low income housing tax credits that were returned, recaptured, or never allocated by the Utah Housing Corporation, up 15% of the total amount available in the previous fiscal year. This grants the Utah Housing Corporation the ability to use up to $1,500,000 worth of authorized tax credits from the previous fiscal year. Assuming full utilization, the net effect will remain the same over the course of the authorized period for the tax credit, but may shift the burden of revenue reduction unevenly over term of the tax credit.
Expenditures FY 2024 FY 2025 FY 2026
Olene Walker Housing $0 $0 $0
Total Expenditures $0 $0 $0
Enactment of this legislation could cost the Department of Workforce services up to an additional
$122,700 ongoing beginning in FY 2025 for increased spending authority from the Olene Walker Housing Loan Fund from 3% to 6% of total revenues for administrative costs. This would shift 3% of revenues from the fund from projects to administration.
FY 2024 FY 2025 FY 2026
Net All Funds $0 $0 $0 H.B. 465 2nd Sub. (Gray)
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Individuals & Businesses UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct expenditures from tax or fee changes for Utah residents and businesses.
2024/02/15 16:40, Lead Analyst: Josh Pittman Attorney: RF
Regulatory Impact UCA 36-12-13(2)(d)
Enactment of this legislation likely will not change the regulatory burden for Utah residents or
businesses.
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.
H.B. 465 2nd Sub. (Gray)
2024/02/15 16:40, Lead Analyst: Josh Pittman Attorney: RF


Statutes affected:
Introduced: 11-59-203, 17C-1-102, 17C-1-412, 35A-8-504, 35A-8-2401, 59-7-538, 59-7-607, 59-10-552, 59-10-1010, 59-12-352
Amended: 11-59-203, 17C-1-102, 17C-1-412, 35A-8-504, 35A-8-2401, 59-7-538, 59-7-607, 59-10-552, 59-10-1010, 59-12-352
Enrolled: 11-59-203, 17C-1-102, 17C-1-412, 35A-8-504, 35A-8-2401, 59-7-538, 59-7-607, 59-10-552, 59-10-1010, 59-12-352
H.B. 465 1st Substitute (Not Adopted) Text: 11-58-203, 11-59-203, 17C-1-102, 17C-1-412, 35A-8-504, 35A-8-2401, 53C-1-204, 59-7-607, 59-10-1010, 59-12-352
H.B. 465 2nd Substitute : 11-58-203, 11-59-203, 17C-1-102, 17C-1-412, 35A-8-504, 35A-8-2401, 53C-1-204, 59-7-607, 59-10-1010, 59-12-352
H.B. 465 3rd Substitute (Not Adopted) Text: 11-59-203, 17C-1-102, 17C-1-412, 35A-8-504, 35A-8-2401, 59-7-538, 59-7-607, 59-10-552, 59-10-1010, 59-12-352