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House backs venture-capital bill aimed at keeping investment in Utah
Summary
House passed House Bill 240 to create a Utah fund-of-funds and an oversight corporation intended to attract and retain venture capital and encourage job creation; the substitute and amendments passed and the final vote was 68-1.
The Utah House voted to approve House Bill 240 (the Venture Capital Enhancement Act), a measure to create a Utah Capital Investment Corporation and a fund-of-funds designed to attract private venture capital and retain growing companies in-state. The bill passed the House after floor debate; the final recorded vote was 68 yes and 1 no.
Sponsor Representative Peggy Wallace described the bill as a mechanism to mobilize private investment and ‘‘create new jobs in the…
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