Senate approves third reading of House Bill 25 for rural economic development in Utah

The Utah State Senate convened on February 2, 2022, to discuss several key pieces of legislation, including House Bill 17 and House Bill 25, both of which received significant support from the senators present.

The session began with a roll call vote on House Bill 17, which was approved for a third reading with 25 votes in favor and none against. This unanimous support indicates strong bipartisan agreement on the bill, although specific details about its content were not discussed during this segment of the meeting.

Following this, Senator Bramble introduced House Bill 25, known as the Utah Rural Jobs Act amendments. He proposed a motion to replace the existing bill with a second substitute version, citing the need for technical corrections and updates since its passage in the House. The bill aims to promote economic development in rural Utah by providing a non-refundable tax credit for investments in eligible small businesses located in designated counties.

Senator Bramble emphasized the importance of accountability in the program, noting that participating businesses would need to disclose their tax returns to the Governor's Office of Economic Development (GOED) to assess the program's effectiveness. The bill also outlines a framework for allocating tax credits among multiple rural investment companies that may invest in the same business.

The motion to substitute the bill was met with no opposition and was passed unanimously. Subsequently, the second substitute of House Bill 25 was also approved for a third reading, receiving 26 votes in favor and none against, with three senators absent.

The discussions reflect a continued focus on supporting rural economic growth in Utah, with both bills demonstrating a commitment to fostering investment and job creation in less populated areas of the state. The next steps for these bills will involve further readings and potential implementation, pending final approvals.