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Theresa Foxley
Deputy Director
801-538-8850

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Julia Barnhouse
Incentives Coordinator
801-538-8828

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Procurement Technical Assistance Center
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Life Science and Technology Tax Credits

During the 2016 general session, the Utah State Legislature made changes to Technologyand Life Science Economic Development Act giving the Governor’s Office of Economic Development (GOED) authority to issue tax credits to qualifying life science and technology  investors.  Eligible investors may submit applications to GOED for tax credits drawn from $300,000 of funds expressly set aside by the Legislature:

Investment

• Post-performance nonrefundable tax credit for up to 35% of the investment over three years
• Up to 10% of the purchase price of the qualifying ownership interest in the year the qualifying ownership interest is purchased
• Up to 10% of the purchase price in the second year after the qualifying ownership interest is purchased
• Up to 15% in the third year after the qualifying ownership interest is purchased
• Tax credits for Utah life science entities capitalized under $2,500,000
• To qualify, an investor must invest at least $25,000 and not have more than a 30% ownership interest in the business entity at the time of investment
• To qualify, the investment may not be finalized prior to application and formal approval of the tax credit
• No credit may exceed $350,000 in any year
• Not permitted to carry forward or carry back

Application Deadlines

• September 1st
• December 1st
• March 1st
• June 1st

Investment Tax Credit Application

Technology and Life Science Tax Credit Rules