Eric B. Nay
Corporate Incentives Utah
What Utah voters want from their Legislature
#4 Developing tax incentives to encourage businesses to relocate to Utah
Financial incentives are provided by the Utah Governor’s Office of Economic Development for business relocation and expansion. These incentives are used to select companies that create new, high-paying jobs that help improve the standard of living, diversify the state economy, increase the tax base, attract and retain top-level management, and encourage graduates of in-state universities to remain in Utah.
Incentives may be offered as either grants or tax credits. The incentive amount and duration is decided by the Governor’s Office of Economic Development Board and Executive Director based on statutory guidelines and evaluation criteria including the financial strength and historical stability of the company, the number and salary of jobs created, amount of new state tax revenue, long-term capital investment, competition with other locations, and whether the company is in a targeted industry.
All state incentives are awarded on a post-performance basis so that companies must meet specific milestones, including generation of new state tax revenue, before incentives are disbursed. This assures a positive return on investment to the State of Utah and its citizens.
What Others are Saying about Utah
“We are rapidly expanding globally, but our headquarters will remain in Utah,” said Stuart Orgill, co-founder of Qualtrics. “Utah has been a great partner for us.”
“I cannot think of a better place to do business,” said Susan D. Opp, President of L-3 Communication Systems -West. “Utah has the combination of a skilled, well educated work force, excellent quality of life options, and state and local governments that promote business growth. That is why our operation has continued doing business in Utah for over 50 years.”
“The global expansion of technology solutions at InComm requires skilled technologists and the application of emerging software technologies,” said Matt Watson, chief technology officer of InComm. “We are investing in Utah because of its tradition of education and work ethic, technically advanced workforce, distribution advantages and friendly business climate.”
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