Whether growing from within or recruiting targeted industry firms, Utah continues to lead the nation with its business-friendly environment. Corporate Recruitment provides financial incentives for local and out-of-state companies seeking to expand or relocate to Utah. Incentives are available to select companies creating new, high-paying jobs that improve quality of life, increase the tax base and diversify the economy.
Approximately 30% percent of all incented companies are homegrown businesses. Incentives are offered as tax credit rebates or grants. They are disbursed only after the company has met contractual performance benchmarks such as job creation and payment of new state taxes.
The EDTIF tax credit is a post-performance, refundable tax credit rebates 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.
A post-performance grant for the creation of high-paying jobs in the state.
In 2014, the Utah State Legislature enacted the Utah Small Business Jobs Act to attract additional investment in the most severely distressed areas of the state. New Market Tax Credit programs are an effective tool used by the federal government and 13 states, including Utah, to attract private capital investment in areas in need of job growth and economic development.
During the 2016 general session, the Utah State Legislature made changes to Technology and 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.