Fiscal Note
S.B. 272 1st Sub. (Green)
2024 General Session Capital City Reinvestment Zone Amendments by McCay, D. (McCay, Daniel.)
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total Net GF/ITF/USF (rev.-exp.) $0 $(77,000) $(77,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2024 FY 2025 FY 2026
Total Revenues $0 $0 $0
Enactment of this legislation likely will not materially impact state revenue.
Expenditures FY 2024 FY 2025 FY 2026
General Fund, One-time $0 $77,000 $0
Total Expenditures $0 $77,000 $0
Enactment of this bill could cost the Tax Commission $77,000 one-time from the General Fund in FY
2025 for system updates and testing.
FY 2024 FY 2025 FY 2026
Net All Funds $0 $(77,000) $0
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation would allow first class cities in a first class county to impose a 0.5% sales tax with revenues to be used for specific purposes. Should all three qualifying cities impose this tax,
it would generate approximately $83 million annually if imposed at the full rate. If imposed only in Salt Lake City at the full rate it would generate approximately $54 million annually.
Additionally, if a local government designates a project area as a public infrastructure district it would
S.B. 272 1st Sub. (Green)
have the authority to levy a property tax. Aggregate amount is unknown.
Individuals & Businesses UCA 36-12-13(2)(c)
Enactment of this legislation would allow certain cities to add an additional sales tax rate of up to 0.5%.
Should all three qualifying cities impose this tax at the full rate it is estimated that taxpayers in those cities would pay additional sales tax of approximately $83 million annually. If imposed only in Salt Lake City at the full rate then it is estimated that taxpayers in the city would pay additional sales tax of $54
million annually.
2024/02/29 19:10, Lead Analyst: Andrea Wilko Attorney: ENW
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. 272 1st Sub. (Green)
2024/02/29 19:10, Lead Analyst: Andrea Wilko Attorney: ENW


Statutes affected:
S.B. 272 1st Substitute : 17D-4-102