UT HJR020

Requires voter approval for any new taxes, tax rate increases, tax expansions, or most types of government debt before implementation

Limits annual government spending to the previous fiscal year's budget adjusted for inflation, population growth, personal income growth, state GDP growth, property value growth, or student population growth—exceeding this limit requires voter approval

Mandates refunds to taxpayers when revenue collected exceeds the fiscal year spending limit

Requires residential real property to be assessed using only the sales comparison approach and authorizes the Legislature to exempt business personal property from property tax

Prohibits the State from imposing unfunded mandates on political subdivisions and bars new transfer taxes, state real property taxes, political subdivision income taxes, and multiple income tax rates

If approved by voters at the next general election, takes effect January 1, 2027