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Committee extends Rural Jobs Act program, sponsor says past rounds returned $2.27 for each dollar in credits
Summary
Senators favorably recommended House Bill 466 to extend and modify the Utah Rural Jobs Act, which targets investment in rural businesses. Sponsor testimony said prior rounds funded dozens of businesses and produced roughly $2.27 in state and local tax revenue for each dollar of tax credits.
The Senate Revenue and Taxation Committee on Feb. 26 voted to favorably recommend House Bill 466, a modification and extension of the Utah Rural Jobs Act aimed at encouraging investment in rural businesses and high‑paying jobs outside the Wasatch Front. Representative Abbott introduced the bill and Alex Stefanik of Advantage Capital described the program’s record.
Stefanik said the program focuses on the "entrepreneurial valley of death" — mid‑sized financing needs between $1 million and $5 million — and that Advantage Capital and other investors have used the program to support 42 businesses in rural Utah. He told the committee the state saw about $2.27 in combined state and local tax revenue for every dollar invested through the program.
Committee members asked for reporting on performance and whether prior authorizations had been exhausted; Stefanik said prior authorizations were exhausted and that the investments have been performing to the program’s metrics. Senator Colomore moved to favorably recommend the bill and the committee approved it unanimously. The bill will proceed to further consideration with the committee’s recommendation.
