Today, the Utah Governor’s Office of Economic Opportunity awarded Leitner-Poma of America a post-performance tax reduction for its expansion in Tooele County. The corporate incentive is part of the state’s Rural Economic Development Tax Increment Financing (REDTIF) program.
As part of the agreement, Leitner-Poma of America plans to add 236 new, high-paying jobs and invest $35 million in Utah during the next ten years.
“We are excited to welcome Leitner-Poma of America to Utah,” said Ryan Starks, executive director of the Governor’s Office of Economic Opportunity. “The company is a natural fit for our state’s outdoor recreation-focused community, and we look forward to its contributions.”
Leitner-Poma is an aerial lift manufacturer that has installed aerial and surface systems all over the world and has established its position as a market leader. Leitner-Poma of America engineers, manufactures, installs, and services all types of ropeway systems for the ski industry, amusement parks, and urban transport. The new Utah campus will serve as the headquarters and manufacturing base for Skytrac, an LPOA subsidiary.
“New ropeway systems are rising at a record-setting pace worldwide, and domestically, Utah’s expanding ski and outdoor industry are prime evidence of this growth,” said Daren Cole, president of LPOA. “We’re proud to produce all Skytrac parts and nearly all LPOA parts in America. This new Utah-based facility will allow us to continue to grow our American-made capabilities while growing LPOA’s employee base in Utah by nearly 60%. We have a long-term commitment to our Made in America initiative and are excited to bring more jobs to the region in support of that.”
Leitner-Poma of America may receive up to 30% of the additional state taxes it will pay over the ten-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Financing (REDTIF) tax credit (U.C.A. 63N-2-106(2)). Each year Leitner-Poma of America meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“We welcome the continued growth of Leitner-Poma’s global manufacturing and distribution operations in Utah,” said Scott Cuthbertson, president and CEO of EDCUtah. “Utah is home not only to The Greatest Snow on Earth™ but also to a young and hardworking labor force that will benefit from these new jobs.”
Tax Credit Projections
|New state tax revenue:||$21,771,545|
|REDTIF new state tax credit:||30%|
Learn more about the state’s post-performance REDTIF program here.