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Senate approves Industrial Assistance Fund after debate over $10 million loan incentives
Summary
The Senate approved House Bill 451 creating an Industrial Assistance Fund (featuring $10 million loan minimums aimed at attracting large employers such as McDonnell Douglas). Supporters emphasized job creation and tax-base growth; critics warned of subsidy escalation and uncertain repayment. Final vote: 23–5.
The Utah Senate passed House Bill 451, the Industrial Assistance Fund, after an extended debate about whether a $10 million loan program is the right tool to secure major manufacturing projects.
Senator Craig Peterson, speaking for the bill, described the package as an “investment in ourselves,” arguing the measure would provide loans to entities that commit at least $10 million per year of new capital and create high-paying,…
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