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Committee reviews Rural Jobs Act tax credit; GOEO reports capital deployed to rural businesses
Summary
Officials described the nonrefundable rural jobs tax credit, how rural investment companies deploy capital, and early program results showing capital deployed and net new jobs.
The committee reviewed Utah’s rural jobs tax credit — a nonrefundable credit designed to direct private capital to businesses in rural counties — and heard GOEO describe program mechanics, timelines and early results.
Chris Stitt explained the program’s statutory form: corporate and individual versions exist in Title 59; claimants must be certified by GOEO; the credit equals a claimant’s eligible capital contribution to a certified rural investment company; and the credit is nonrefundable (it reduces tax liability to zero but does not generate a refund).…
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