Today, the Utah Governor’s Office of Economic Opportunity awarded Human Interest a post-performance tax reduction for its expansion in Utah. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, Human Interest plans to add 306 new, high-paying jobs and invest $3 million in Utah during the next five years.
“We welcome Human Interest to Utah’s business community,” said Ryan Starks, executive director of the Governor’s Office of Economic Opportunity. “As Utah was recently ranked the No. 1 best state in the U.S. for starting a business, Human Interest’s services will greatly complement and serve Utah’s small and midsize business ecosystem.”
Human Interest provides simple, full-service 401(k)/403(b) plans for small and mid-size companies that are affordable, flexible, and customizable. Human Interest’s technology focus has enabled it to build products that are easy to navigate and able to scale with an organization’s growth. The company offers end-to-end management that reduces the administrative burden for the employer, allowing organizations to better compete for and retain talent.
“We are excited to open an office at Silicon Slopes to tap into the large pool of highly-qualified talent in Utah,” said Rakesh Mahajan, Chief Revenue Officer at Human Interest. “Our organization has seen three times the growth in the past year and this investment in Utah will fuel that momentum.”
Human Interest may receive up to 15% of the additional 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 Financing (EDTIF) tax credit (U.C.A. 63N-2-106(2)). Each year Human Interest meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“We welcome Human Interest as they make their first investment in Utah,” said Scott Cuthbertson, president and CEO of EDCUtah. “As a small business 401(k) provider, Human Interest not only brings quality jobs to Utah but also adds a helpful resource to the state’s small business environment.”
Tax Credit Projections
|New state tax revenue:||$2,859,099|
|EDTIF new state tax credit:||15%|
Learn more about the state’s post-performance EDTIF program here.