Christopher M. Conabee
Eric B. Nay
EDTIF Tax Credit
The EDTIF tax credit is a post-performance, refundable tax credit for up to 30% of new state revenues (sales, corporate and withholding taxes paid to the state) over the life of the project (typically 5-10 years). It is available to companies seeking relocation and expansion of operations to the State of Utah.
- Maximum credit of up to 30% over the life of the project
- No more than 50% credit in any one year
- The life of the incentive is typically 5 – 10 years
- New jobs created must pay at least 125% above the county average wages within Urban communities and be within a specific target industry
- For rural communities, at least 100% of county average must be paid
- No retail distribution projects
- Project must be in competition with other locations
- Obtain commitment from local government to provide local incentives and establish an Economic Development Zone
- Enter into an incentive agreement with the Governor’s Office of Economic Development which specifies performance milestones.
- Create new high-paying jobs in the state
- at least 50 jobs in urban counties
- at least 125% of urban county average wage or 100% of rural county wage
- Generate new tax revenues.
- Significant capital investment
- Significant purchases from Utah vendors or suppliers