UTAH CODE (Last Updated: January 16, 2015) |
Title 63M. Governor's Programs |
Chapter 1. Governor's Office of Economic Development |
Part 12. Utah Venture Capital Enhancement Act |
§ 63M-1-1202. Findings -- Purpose.
Latest version.
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(2) This part is enacted to: (a) mobilize private investment in a broad variety of venture capital partnerships in diversified industries and locales; (b) retain the private-sector culture of focusing on rate of return in the investing process; (c) secure the services of the best managers in the venture capital industry, regardless of location; (d) facilitate the organization of the Utah fund of funds to seek private investments and to serve as a catalyst in those investments by offering state incentives for private persons to make investments in the Utah fund of funds; (e) enhance the venture capital culture and infrastructure in the state so as to increase venture capital investment within the state and to promote venture capital investing within the state; (f) accomplish the purposes referred to in Subsections (2)(a) through (e) in a manner that would maximize the direct economic impact for the state; and (g) authorize the issuance and use of contingent tax credits to accomplish the purposes referred to in Subsections (2)(a) through (e) while protecting the interests of the state by limiting the manner in which contingent tax credits are issued, registered, transferred, claimed as an offset to the payment of state income tax, and redeemed.
Renumbered and Amended by Chapter 382, 2008 General Session