Bill > SB0224

This bill modifies provisions of the Utah Venture Capital Enhancement Act. The key provisions are: 1. It creates the "Utah Capital Investment Restricted Account" to be funded by redemption reserve money and appropriations, and administered by the Governor's Office of Economic Development for economic development, infrastructure, state parks, recreation, education innovation, or other purposes as directed by the Legislature. 2. It requires the Utah Capital Investment Corporation to provide a detailed plan by December 1, 2021 regarding the future of the corporation, including recommendations on the divestment of the state from any future liability, raising capital for a new fund, privatization, or dissolution. 3. It allows the Corporation to transfer $20 million from the redemption reserve or other assets to the restricted account by June 30, 2021. 4. It places restrictions on the issuance of certificates and contingent tax credits by the Board after January 1, 2021, prohibiting the issuance of new certificates. 5. It appropriates $10 million from the restricted account to the Division of Parks for renovations and development of the Utahraptor State Park and Lost Creek State Park.

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https://le.utah.gov/~2021/bills/static/SB0224.html