Budget & Taxes (Rural Communities)

HB 466 modifies Utah's Rural Jobs Act to authorize new nonrefundable income and insurance tax credits for investments in eligible small businesses located in rural counties. It directly affects insurers and their affiliates that make qualifying investments through rural investment companies, allowing them to claim tax credits against state taxes or retaliatory assessments. The bill enacts new provisions (effective January 1, 2027) that specify credit amounts and carry-forward rules, while repealing one outdated section and making technical updates to related statutes.