Bill > SB0043

This bill modifies the process for reviewing income tax credits in Utah by establishing new procedures and requirements for the Revenue and Taxation Interim Committee and the Office of the Legislative Auditor General. Specifically, the bill requires the Legislative Auditor General to conduct comprehensive performance audits of income tax credits, either based on recommendations from the Revenue and Taxation Interim Committee or by the auditor's own selection, focusing on credits with significant dollar amounts or high vulnerability to error or fraud. The committee is now mandated to review each tax credit once every five years, evaluating its cost to the state, purpose, effectiveness, and overall benefit. The bill also standardizes reporting requirements, requiring state offices like the Governor's Office of Economic Opportunity to provide detailed information about tax credits, including amounts granted, new state revenues generated, and potential job creation. To protect taxpayer privacy, offices are instructed to redact identifying information and can provide aggregate data if necessary. These changes aim to create a more systematic and thorough approach to evaluating the state's various tax credit programs, ensuring they are meeting their intended economic development and policy objectives.

Budget and Finance

https://le.utah.gov/~2025/bills/static/SB0043.html