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House advances research tax credits amid debate over school-fund impact
Summary
Lawmakers passed substitute bills creating research and R&D tax credits (SB47, SB220) with carry-forward provisions; sponsors estimated combined reductions to the Uniform School Fund of roughly $5.3 million, while proponents argued the incentives will attract high‑paying jobs.
The Utah House on March 4 advanced a package of bills creating or modifying research and development tax incentives, approving substitutes that include an income/franchise tax credit and study provisions.
Floor sponsors described the proposal in SB220 as a 6 percent income and franchise tax credit for machinery and equipment used for qualified research done in-state, with a carry‑forward provision of…
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