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Senate advances research tax-credit fixes with industry support and fiscal note
Summary
Senate Bill 8, which clarifies research tax-credit eligibility and equipment treatment for newer firms, advanced on Jan. 21 with backers saying the changes will help attract research activity to Utah; it carries a fiscal estimate of roughly $150,000 over two years.
Senator Nielsen presented Senate Bill 8 to clarify problems identified in last year’s research tax-credit and equipment-credit provisions. The bill provides alternative qualification methods for firms with insufficient historical records and aligns state treatment with common federal approaches for research equipment. Sponsors said the measures…
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