UT HB0466

Creates a third phase of investment authority under the Utah Rural Jobs Act, with applications accepted beginning November 2, 2026, authorizing up to $42,000,000 in total investment authority and $24,360,000 in credit-eligible contributions

Establishes a new nonrefundable insurance premiums tax credit (Section 59-9-109) allowing insurers and their affiliates to claim credits against premiums tax or retaliatory taxes for investments in eligible rural small businesses, effective January 1, 2027

Allows insurers to assign their tax credits to affiliates by providing written notice to the Governor's Office of Economic Opportunity, with credits claimable in equal 25% installments during the fourth through seventh years after the closing date

Expands the definition of "rural county" for phase two and phase three investment authority to include all Utah counties except Salt Lake, Utah, Davis, and Weber (adding Washington, Cache, Tooele, and Summit as eligible compared to phase one)

Permits unused tax credits to be carried forward for up to four taxable years and prohibits the Insurance Department from charging additional fees as a condition for claiming the credit