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House approves SB198 to broaden who can use GOED tax-credit incentives
Summary
Senate Bill 198, which changes GOED economic development incentives to allow counties, cities and economic development agencies to receive credits and use them for infrastructure and development projects, passed the House 69-1 on March 11, 2010.
The Utah House resumed and completed floor action on Senate Bill 198 on March 11, 2010. Representative Painter explained that SB198 modifies how economic development incentives administered by the Governor's Office of Economic Development (GOED) are used: the measure converts refundable income tax credits into credits that counties, cities or economic development agencies may claim, and clarifies eligible uses such as infrastructure for new development and research parks.
Representative Ferry asked procedural questions about how a community would advance projects and receive credits later as reimbursement; Painter explained local economic development authorities must file an income tax return in order to cash in credits and would decide how to deploy the funds for roads, water and utility infrastructure.
Representative Painter urged support, saying the change would help attract a large industrial user and was a useful tool in economic development negotiations. The House opened voting on SB198 and the body passed the bill 69 yes and 1 no; the bill will be signed by the Speaker and returned to the Senate for the President's signature and enrollment.
