The Utah Governor’s Office of Economic Development announced Qualtrics will create up to 2,245 new jobs in Utah in the next 10 years.
“Qualtrics has been a longtime leader of Utah’s tech scene,” said Val Hale, executive director of the Governor’s Office of Economic Development. “We commend them for the work they’re doing and we’re happy they have received this EDTIF award — we’re ecstatic for their growth in the state.”
Qualtrics may earn up to 25% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. On Nov. 14, 2019, the GOED Board approved a post-performance tax credit not to exceed $32,782,835. Each year that Qualtrics meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Qualtrics is one of the innovative, home-grown companies from which Silicon Slopes has arisen,” said Theresa A. Foxley, president and CEO of EDCUtah. “We are excited that they will continue to invest in Utah.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$45 million|
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.