Corporate Retention, Recruitment & Incentives
Whether growing from within or recruiting targeted industry firms, Utah’s economy continues to lead the nation with its business-friendly environment.
The office’s Corporate Retention and Recruitment team recommends financial incentives for local and out-of-state companies seeking to expand or relocate to Utah. The Go Utah Board votes on all proposed incentives in a public meeting. The office’s executive director provides the final sign-off on all awarded incentives.
Incentives are available to select companies creating new, high-paying jobs that improve quality of life, increase the tax base, and help diversify state and local economies.
Incentives are offered as tax credits or grants. They’re disbursed only after the company has met contractual performance benchmarks, including job creation, capital expenditure, and payment of new state taxes.
Since its 2005 inception, approximately two-thirds of the companies participating in the state’s tax credit incentive program are Utah-based companies.
The state Legislature created Utah’s incentives program. It’s called an Economic Development Tax Increment Finance (EDTIF) tax credit. The statute that governs Utah’s economic development incentives is titled U.C.A. 63N-2-106(2) and is available here.
The state legislature created Utah's incentive program. It's called an Economic Development Tax Increment Finance (EDTIF) tax credit.
The Legislature is reviewing and planning to adjust the guidelines and state code that authorize the EDTIF program. The Go Utah office has changed some EDTIF program administration to adapt to anticipated statute adjustments.
These new guidelines focus on creating jobs in urban and rural counties, though more latitude and more significant incentive amounts will be available in rural counties. (We've included a map showing Utah's urban and rural counties for purposes of the EDTIF program.)
The EDTIF program will be available for companies expanding in targeted industries in urban counties, including:
- Advanced Manufacturing
- Aerospace and Defense
- Financial Services
- Life Sciences
- Software and Tech
Go Utah will evaluate projects in targeted industries applying for the EDTIF program on the following criteria:
- The average wage of planned new jobs
- Capital expenditure investment
- Type and number of new jobs created
- Whether or not the jobs are related to headquarters or innovation operations