2nd Sub.
S.B.
233
UTAH SMALL BUSINESS JOBS ACT
House Floor
Amendments
Amendment 3 March 13, 2014 9:00 AM
Representative Brad R. Wilson
proposes the following amendments:
1. Page
1, Line 1
:
1
ECONOMIC DEVELOPMENT AND THE
UTAH SMALL BUSINESS JOBS ACT
2. Page
1, Lines 8 through 12
:
8
General Description:
9
This bill modifies provisions
related
to
{
create
}
economic development including
creating
a small business job tax credit and investment
10
program.
11
Highlighted Provisions:
12
This bill:
. addresses the Industrial Assistance Account;
3. Page
2, Lines 41 through 42
:
41
63I-1-263, as last amended by Laws of Utah 2013, Chapters 28, 62, 101, 167, 250, and
42
413
63M-1-903, as last amended by Laws of Utah 2012, Chapters 18 and 208
4. Page
7, Line 211 through Page 8, Line 212
:
211
[(15)] (16) Title 63M, Chapter 11, Utah Commission on Aging, is repealed July 1,
212
2017.
Section 5. Section 63M-1-903 is amended to read:
63M-1-903. Industrial Assistance Account created -- Uses -- Administrator duties -- Costs.
(1) There is created a restricted account within the General Fund known as the "Industrial Assistance
Account" of which:
(a) up to 50% may be used in economically disadvantaged rural areas;
(b) up to 25% may be used to take timely advantage of economic opportunities as they arise;
(c) up to 4% may be used to promote business and economic development in rural areas of the state
with the Business Expansion and Retention Initiative; and
(d) up to $3,000,000
{
one-time shall
}
may
be used for the purpose of incubating technology
solutions related to economic and workforce development.
(2) The administrator shall administer:
(a) the restricted account created under Subsection (1), under the policy direction of the board; and
(b) the Business Expansion and Retention Initiative for the rural areas of the state.
(3) The administrator may hire appropriate support staff to perform the duties required under this
section.
(4) The cost of administering the restricted account shall be paid from money in the restricted account.
(5) Interest accrued from investment of money in the restricted account shall remain in the restricted
account.
Renumber remaining sections accordingly.
5. Page
12, Lines 337 through 339
:
337
Tax Credit Program
and other state's new markets tax credit programs
with a maximum qualified
low-income community investment size of
338
$4,000,000 per
{
qualified active low-income community
}
business
{
under the Federal New
339
Markets Tax Credit Program
}
.
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