Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
House approves targeted life-science, tech investment tax credits after fiscal debate
Summary
The Utah House passed First Substitute House Bill 496 on March 4, 2011, creating targeted tax credits aimed at attracting life-science and technology investment. Sponsors said the credits would incentivize Utah-focused companies; critics pressed for stronger tracking and raised subsidy concerns. The bill passed 51-15.
The Utah House on March 4 passed First Substitute House Bill 496, a package of tax credits to spur investment in life-science and medical technology startups, after a protracted floor debate over cost and accountability.
Representative Clark, the bill sponsor, said the measure creates a mix of nonrefundable and refundable credits intended to attract capital gains investment into qualifying Utah small businesses and to encourage new revenues and jobs. Clark said the program requires that qualifying businesses have at least half their employees in Utah and that investors hold qualifying capital gains for a multi-year period before claiming credits. “To qualify for this nonrefundable tax credit,…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
