Utah Democratic gubernatorial candidate Peter Corroon has announced plans for several new business tax credits to encourage job growth and stabilize the state’s economy.
“The first and foremost thing we need to do in Utah is create jobs immediately. With the highest unemployment rate we have had in 26 years, the time to act is now,” Corroon said.
Corroon’s plan would refund the money some businesses paid after an increase in federal payroll taxes last year. The plan would also emphasize the use of local workers by companies that receive state funds.
Other proposals would create tax incentives for entrepreneurs who start a corporation in areas with a higher jobless rate, and restore funding to business-friendly programs such as the Utah Science, Technology and Research initiative.
Corroon also criticized the state’s current Republican administration for trying to bring in out-of-state companies to compete with local owners.
The state is already faring much better than many other areas of the country. Bloomberg reports that Utah is currently facing a 7.3 percent jobless rate, which is significantly lower than the national average of 9.9 percent.
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