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Senate approves revised Venture Capital Enhancement Act after heated debate over oversight and risk
Summary
The Utah Senate passed the House-sponsored Venture Capital Enhancement Act (House Bill 240) after amendments that tightened oversight, limited contingent tax-credit exposure and added reporting and a five‑year sunset. Supporters said the measure is needed to attract and retain high-growth firms; critics warned of quasi‑government risks.
Senator Ron Jenkins, sponsor of the Venture Capital Enhancement Act, told the Senate the bill creates a Utah Capital Investment Corporation and a ‘fund of funds’ to bring more venture capital to the state and help small firms grow. “The goal is to raise a hundred million dollars,” Jenkins said while walking colleagues through the proposal for a professional fund manager and a board to oversee investments. He said the structure uses contingent tax‑credit certificates to leverage private dollars and that state liability would be limited.
Opponents…
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