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House panel OKs tax credit for high-tech businesses

High-tech businesses in Utah could get a tax credit of up to 6 percent if a proposed bill becomes law.

On Monday, the House Revenue and Taxation Standing Committee approved SB47, sponsored by Sen. Howard Nielson, R-Provo.The bill will attract new high-tech companies and retain existing ones, said Ruth Ann Hamilton of the Salt Lake Chamber of Commerce. Thirty-five states already have such a credit.

Hamilton said money will come back to the state from additional income taxes of new high-paid technical employees.