As Utah’s business leader, the Salt Lake Chamber supports an economic stimulus package comprised of sensible bonding, user fees that will restore transportation funding and minimize cuts to public and higher education, investment in innovation and housing, and prudent use of the rainy day fund. To ensure our long-term prosperity, we support legislation that will contain health care costs and invest wisely in education. These priorities, along with our forthcoming bill-by-bill business advocacy, comprise the Salt Lake Chamber’s 2009 Legislative Priorities. 

The Can-Do Coalition applauds Governor Gary Herbert for extending the successful Home Run housing grant. The program will provide incentive for thousands of Utahns to purchase newly constructed homes and benefit the most adversely affected sector the local economy.  The Home Run grant program meets the essential criteria for the effective use of stimulus money: it is targeted, timely and leveraged.  Full Statement Audio

Utah Economic Stimulus  

• Invest in Transportation Infrastructure: All 50 construction projects that were put on hold late
in 2008 must be resumed. Restoring the $3.9 billion in road projects – including I-15 in Utah
County and Mountain View Corridor in Salt Lake County – will immediately return thousands of
Utahns to work and invigorate Utah’s economy. The Chamber supports user fee increases to
restore transportation funding.

• Invest in innovation economy through the USTAR initiative: During challenging economic
times, it is important to invest in innovation rather than pull back. USTAR has been enormously
successful, but we can spark an even higher economic return by providing full funding for the
research teams. The Chamber supports legislation that will authorize up to $10 million in tax
credits each year to fully fund USTAR research teams.

• Stimulate Housing Transactions: Construction and housing can lead an economy into a
recession and out of a recession. The Chamber supports innovative programs that will stimulate
home sales and minimize foreclosures. A $5 million stimulus program administered by the Utah
Housing Corporation would help generate 1,250 new home sales in the short term, remove excess
inventory in the market and stabilize jobs in the construction industry.

• Bond for State Buildings and Leverage Private Funds: State bonds that leverage private sector
dollars are wise investments during economic downturns. For example, a $400 million bond will
create an estimated 6,400 jobs for Utahns and generate earnings of $322 million. Examples of
bonding projects with a large private sector match include the following:






• Use the Rainy Day Fund: The combined General Fund and Education Fund reserve accounts
tally approximately $400 million. These funds should only be used for one-time expenditures. Now
is an appropriate time to prudently use a portion of these funds.

• Create Stimulus Coalition: The Chamber will convene a Utah Economic Stimulus Coalition to
persuade legislators to adopt these and other stimulus activities.