Utah Technology Council focuses on Fund of Funds this Legislative Season
| February 14, 2008 |  View for printing |
Utah is considered one of hottest places to invest, and much of that can be attributed to the Fund of Funds program, according to the Utah Technology Council (UTC). UTC members met with Senate President John Valentine and House Speaker Greg Curtis to discuss some of the most pressing technology and business issues, including the Fund of Funds program Wednesday.
UTC members agree that their main priority this legislative season is amending the Fund of Funds program, hoping to add to the program’s already proven success record. Fund of Funds, which was launched in January 2006, is a program that finances venture capital sources, which then invest in eligible Utah-based companies. The program has already funded 25 Utah companies and created over 1,000 jobs.
At present, Fund of Funds is backed by $100 million in tax credits. If the proposed amendments are passed, the tax credits would be increased to $300 million. According to UTC, such an increase would allow the program to add momentum to Utah’s economy.
by Sarah Ryther
Full Story: http://www.utahbusiness.com/parser.p ... cle_id=6764
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