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.
Since its 2005 inception, approximately two-thirds of the companies participating in the state’s tax credit incentive program are Utah-based companies.
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 rebate 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). The incentive is available to Utah companies and others seeking to relocate or expand operations to 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.
The office will initiate an analysis of the feasibility, efficiency, rate of return, and other aspects of the proposed Housing and Transit Reinvestment Zone.
Municipalities or public transit counties approved for the Reinvestment Zone receive certain tax advantages based on their proposal’s merits.
Interested municipalities or public transit counties should contact the office for additional information and submit Reinvestment Zone proposals to email@example.com.