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House lifts sunset from Venture Capital Enhancement Act, citing investor confidence and oversight
Summary
House Bill 71 — which relocates and modifies sunset provisions for economic development and removes a sunset on the state's venture capital program — passed the House unanimously 71–0 and will be referred to the Senate.
SALT LAKE CITY — The Utah House on Jan. 18 approved House Bill 71, a measure described by sponsor Representative Wallace as largely a "cleanup" bill that also removes a sunset provision from the Venture Capital Enhancement Act to improve investor confidence.
Wallace told members the change is intended to attract investors who are uncomfortable with a statutory sunset in the middle of long‑term investments. She said the fund is structured as a pooled, privately managed vehicle with oversight from the Utah Capital Investment Board and a refundable tax credit mechanism for investors. "When they ask if we're audited... yes, we are," Wallace said, noting litigation over the fund had been resolved and that a fund manager had been hired and a launch was imminent.
Representative Christiansen asked whether the original program was intended as a pilot and whether making it perpetual was premature. Wallace replied the structure includes oversight provisions, dissolution mechanisms and audit authority; the goal is to make the fund viable for outside investors who otherwise avoid statutory sunset risk.
After discussion and waived summation, the bill passed the House unanimously, 71–0, and will be referred to the Senate for further consideration.
