Legislature: Amended Utah Venture Capital Act likely to pass – to create a privately funded, state-backed $100 million "fund of funds"

In three successive legislative sessions, lawmakers have overwhelmingly passed, and repassed the Utah Venture Capital Enhancement Act.

Now, two years after the measure first was introduced to create a privately funded, state-backed $100 million "fund of funds" to lure new, primarily out-of-state investors for fledgling Utah technology companies, a newly amended version of the Venture Capital Enhancement Act appears headed toward final passage.

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The bill provided that if investments in the fund missed an established rate of return – and if the fund’s own reserve account proved insufficient to provide the difference – investors could take a credit against their Utah taxes.

By Bob Mims
The Salt Lake Tribune

Full Story: http://www.sltrib.com/business/ci_2562331