The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Scorpion will open an office in Utah, adding up to 1,007 new high-paying jobs in the state in the next five years.
“Scorpion chose Utah based on the state’s personal and family lifestyles as well as its fast-growing technology environment,” said Dan Hemmert, GOED’s executive director. “We’re excited Scorpion has decided to grow in Utah, and we’re pleased to help bring new high-paying jobs to the state.”
Scorpion is a digital marketing and technology company that provides business growth services, technology solutions, and software applications to small and medium-sized businesses across the country to help companies attract more customers, improve operational efficiency, and increase revenue. Scorpion serves a large variety of customers, including lawyers, doctors, home services, local franchises, and more.
Scorpion may earn up to 20% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $3,382,741. Each year that Scorpion meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“While the ‘work from anywhere’ experiment has pumped the brakes on our IT pipeline over the last year, Scorpion exemplifies an exciting resurgence in interest,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “We welcome the company to Utah’s tech scene and expect it’s a harbinger of more to come.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$18.9 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.