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House approves tax-credit package to lure industry to rural Utah, adds air-quality incentive
Summary
The House passed third-substitute SB216, a program to provide post-performance tax credits (negotiable, up to 30%) to offset high infrastructure costs for businesses moving to rural Utah and to accelerate adoption of Tier 3 fuel standards; the bill passed 68-4 and will return to the Senate.
The Utah House of Representatives on March 11 approved third substitute SB216, a bill creating High Cost Infrastructure Tax Credits intended to entice businesses to locate where utility and transportation infrastructure is costly or absent and to reward faster adoption of Tier 3 fuel standards by refineries.
Representative Fred Cox, sponsor of the substitute, told the chamber the program would function as a post-performance, refundable-like credit negotiated with the governor’s office and could be applied where new or expanded facilities would create jobs and pay new tax revenue. “This program…
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