HB 24 - Economic Development Incentives Act Amendments

Rep. Brent Wallis has hit a home run with this bill. HB 24 is straight forward and to the point and brings needed accountability to economic development. We often hear about stimulus programs or incentive programs that lure businesses to Utah and promise job creation. But what if what they say isn't true? Is there any holding these people accountable? Mr. Wallis' bill would require these businesses to prove they have done what they have promised. The amendments state the following:

103 (d) documentation that the business entity has satisfied the performance
benchmarks
104 outlined in the agreement described in Subsection 63M-1-2404 (3)(a), including:
105 (i) significant capital investment:
106 (ii) the creation of high paying jobs;
107 (iii) significant purchases from Utah vendors and providers; or
108 (iv) any combination of Subsections (2)(d)(i), (ii), and (iii).

As you can see, this are significant requirement additions and also needed. If we are going to give tax incentives we must have accountability. This bill is now on its way to the senate having received only nine nay votes in the house.

Great Job Mr. Wallis.