Today, the Utah Governor’s Office of Economic Opportunity awarded Schreiber Foods, Inc. 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, Schreiber Foods plans to add 52 new, high-paying jobs and invest $68 million in Utah over the next eight years.
“We’re pleased to welcome the expansion of Schreiber Foods in Utah,” said Ryan Starks, executive director of the Governor’s Office of Economic Opportunity. “The company’s vision to do good through food and create a positive impact in business and communities aligns well with our values in Utah.”
Schreiber Foods is a customer-brand leader in cream cheese, natural cheese, process cheese, beverages, and yogurt. The company is based out of North America but employs more than 9,000 employees across five continents with annual sales of more than $6.8 billion. Schreiber Foods’s high standards include partnering with the best retailers, restaurants, distributors, and food manufacturers worldwide.
Schreiber Foods may receive up to 25% of the additional state taxes it will pay over the eight-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 Schreiber Foods meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“Schreiber Foods has been a premier employer in Logan for over 40 years,” said Scott Cuthbertson, president and CEO of EDCUtah. “This expansion demonstrates a commitment to their Logan-area employees and their confidence in Utah as a place to do business.”
Tax Credit Projections
|New state tax revenue:||$4,174,108|
|EDTIF new state tax credit:||25%|
Learn more about the state’s post-performance EDTIF program here.