Fiscal Note
H.B. 505 2nd Sub. (Gray)
2024 General Session Property Loss Amendments by Briscoe, J. (Briscoe, Joel.)
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total Net GF/ITF/USF (rev.-exp.) $(448,000) $(155,800) $(603,800)
State Government UCA 36-12-13(2)(c)
Revenues FY 2024 FY 2025 FY 2026
New Account Created By Bill (FN $0 $300,000 $300,000
Only)
Total Revenues $0 $300,000 $300,000
Enactment of this legislation could increase revenue to the newly created Property Loss Related to
Homelessness Compensation Fund from the General Fund by $300,000 ongoing beginning in FY
2025.
Expenditures FY 2024 FY 2025 FY 2026
General Fund $0 $448,000 $448,000
General Fund, One-time $0 $155,800 $0
New Account Created By Bill (FN $0 $300,000 $300,000
Only)
Total Expenditures $0 $903,800 $748,000
Enactment of this legislation would appropriate $300,000, ongoing in FY 2025, from the General Fund to the Property Loss Related to Homelessness Compensation Fund (fund) created in this bill. Enactment of this legislation could cost the Department of Workforce Services $155,000, one-
time, from the General Fund in FY 2025 to develop a system to manage claims and payouts from the fund and $148,000 ongoing in FY 2025, also from the General Fund, to administer the new fund, manage claims and payouts, and pay staff, per diem, and travel reimbursement of advisory committee members. Enactment of this legislation could provide $300,000, one-time in FY 2025 and
$300,000, one-time in FY 2026, both from the fund, to provide compensation and loans to individuals
H.B. 505 2nd Sub. (Gray)
as described in the bill. Enactment could also cost the Department of Government Operations $800,
one-time from the General Fund in FY 2025 to create the Property Loss Related to Homelessness Compensation Fund in the state''s financial system.
FY 2024 FY 2025 FY 2026
Net All Funds $0 $(603,800) $(448,000)
2024/02/26 19:10, Lead Analyst: Sean C. Faherty Attorney: RF
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.
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. 505 2nd Sub. (Gray)
2024/02/26 19:10, Lead Analyst: Sean C. Faherty Attorney: RF


Statutes affected:
Introduced: 63I-1-263, 63M-7-504, 63I-2-263, 63A-17-303, 63A-17-806
H.B. 505 3rd Substitute (Not Adopted) Text: 63I-1-263, 63I-2-263, 63A-17-303, 63A-17-806