Yesterday, the Utah Governor’s Office of Economic Opportunity (Go Utah) awarded Nucor Insulated Panel Group, LLC a temporary, marginal tax reduction for its expansion in Utah. The post-performance corporate incentive is part of the Legislature’s Economic Development Tax Increment Financing (EDTIF) program.
Nucor Insulated Panel Group plans to bring up to 60 new high-paying jobs and invest $33.8 million in rural Utah during the next five years.
“We want to thank Nucor for once again choosing Utah. Nucor Insulated Panel Group locating in Utah provides several benefits, including significant investment in Box Elder County and new high-paying jobs for Utahns,” said Dan Hemmert, the Office of Economic Opportunity’s executive director. “We’re proud to house Nucor’s fourth major facility in Utah and hope that the company will continue to expand here.”
Nucor Insulated Panel Group is a wholly-owned subsidiary of Nucor Corporation that manufactures and sells insulated metal panels. Nucor and its affiliates currently operate approximately a dozen locations in Utah that employ more than 1,600 teammates. Insulated metal panels are an excellent solution for all types of structures, especially in the commercial, industrial, manufacturing, and cold storage industries. Providing energy efficiency and cost savings for all types of structures, insulated panels are lightweight and durable yet maintain their ease of installation and visual appeal.
Nucor Insulated Panel Group may receive up to 25% of the additional state taxes it will pay over the five-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 Nucor Insulated Panel Group meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“Utah excels in advanced manufacturing, and we congratulate Nucor Insulated Panel Group on the growth and success they’ve found in our state,” said Theresa A. Foxley, president and CEO of EDCUtah. “This is an important win for Box Elder County and for continued investment in communities off the Wasatch Front.”
Tax Credit Projections
|Capital investment:||$33.8 million|
|New state tax revenue:||$2,244,655|
|REDTIF new state tax credit:||25%|
Learn more about the state’s post-performance REDTIF program here.