Bill > HB0466

This bill modifies the Utah Rural Jobs Act by establishing a new nonrefundable tax credit for qualified claimants, which are insurers or their affiliates that make eligible contributions under "phase three investment authority" (a specific level of investment within the rural jobs program). This new tax credit, detailed in Section 59-9-109, can be used against a claimant's regular tax or a retaliatory tax imposed on out-of-state insurers. The bill also clarifies definitions within the Utah Rural Jobs Act, including "phase three investment authority" and "qualified claimant," and introduces provisions allowing insurers to assign this tax credit to an affiliate. Additionally, it amends existing laws to allow for the claiming of this new tax credit against retaliatory taxes and to ensure that the Governor's Office of Economic Opportunity (the "office") can issue tax credit certificates to affiliates. The bill also makes technical adjustments to reporting and exit procedures for rural investment companies and sets specific effective dates for its provisions.

Budget and Finance, Business and Industry

https://le.utah.gov/~2026/bills/static/HB0466.html