Fiscal Note
S.B. 250 1st Sub. (Green)
2024 General Session Property Tax Income Requirements by Weiler, T. (Weiler, Todd.)
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total Net GF/ITF/USF (rev.-exp.) $(1,300,000) $0 $(1,300,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2024 FY 2025 FY 2026
General Fund $0 $(1,300,000) $(1,300,000)
Total Revenues $0 $(1,300,000) $(1,300,000)
Enactment of this legislation could result in an ongoing decrease in revenue of approximately
$1,300,000 to the General Fund beginning in FY 2025 from an increase in the number of claimants of
homeowner''s and renter''s circuit breaker property tax credits.
Expenditures FY 2024 FY 2025 FY 2026
Total Expenditures $0 $0 $0
Enactment of this legislation likely will not materially impact state expenditures.
FY 2024 FY 2025 FY 2026
Net All Funds $0 $(1,300,000) $(1,300,000)
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation could increase the number of property owners that may qualify for an
additional 20% taxable value exemption for property tax. The aggregate impact of this could reduce local government property tax revenue by an estimated $400,000 in FY 2025 and an equivalent tax shift in subsequent years; impacts may vary among taxing entities. S.B. 250 1st Sub. (Green)
Individuals & Businesses UCA 36-12-13(2)(c)
Enactment of this legislation could reduce property tax paid by property owners newly eligible for the homeowner''s circuit breaker tax credit by approximately $400,000 in aggregate as a result of concurrent eligibility for an additional 20% taxable value exemption. The aggregate change in
property tax paid by credit recipients would result in an equivalent tax shift to other taxpayers within
a given taxing entity. Enactment of this legislation could also increase the aggregate value of the homeowner''s and renter''s circuit breaker tax credits to individuals by approximately $1,300,000
annually as a result of additional newly eligible credit claimants; individual impacts may vary.
2024/02/21 07:50, Lead Analyst: Travis D Eisenbacher Attorney: GH
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.
S.B. 250 1st Sub. (Green)
2024/02/21 07:50, Lead Analyst: Travis D Eisenbacher Attorney: GH


Statutes affected:
Introduced: 59-2-1209
Enrolled: 59-2-1209
S.B. 250 1st Substitute : 59-2-1208, 59-2-1209
S.B. 250 2nd Substitute (Not Adopted) Text: 59-2-1209
S.B. 250 1st Substitute (Not Adopted) Text: 59-2-1208, 59-2-1209