Utah shows an average deal value of $5.12 million with 333 new jobs created per deal
EDTIF TAX CREDIT
The EDTIF tax credit is a post-performance, refundable tax credit 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). It is available to companies seeking relocation and expansion of operations to the State of Utah.
In order to qualify for the EDTIF tax credit, companies must:
- Obtain commitment from local government to provide local incentives and establish an Economic Development Zone
- Enter into an incentive agreement with the Governor’s Office of Economic Development which specifies performance milestones
- Create new high-paying jobs in the state
- At least 50 jobs in urban counties
- At least 125% of urban county average wage or 100% of rural county wage
- Generate new tax revenues.
- Significant capital investment
- Significant purchases from Utah vendors or suppliers
INDUSTRIAL ASSISTANCE FUND
The Industrial Assistance Fund is a post performance grants are available to companies that create high paying jobs. To qualify, a business must create at least 50 jobs with salaries at or above the average county wage (at least 125% of urban county average wage or 100% of rural county wage). Eligible companies must be within the state’s targeted industries of life sciences, aerospace, software development/IT, outdoor recreation products, energy and natural resources and financial services. Corporate headquarters projects are also eligible.
CUSTOM FIT TRAINING
Custom Fit Training offers customized training programs that are designed to provide Utah businesses with a well-trained workforce. Utilizing funds provided by the Utah State Legislature, Custom Fit Training is designed to stimulate economic development and facilitate the creation of new jobs in our state.
In order to qualify, companies must meet the following eligibility requirements:
- Company is located in Salt Lake County
- Company is for-profit
- Company pays taxes to the State of Utah
- Training participants are W2/W4 employees of the company
- Company provides participant information (name and date of birth)
- Custom Fit Training coordinator is involved in the procurement and training implementation process
OTHER UTAH INCENTIVE PROGRAMS
- Private Activity Bond
- Rural Fast Track Program
- Recycling Market Development Zones
- Renewable Energy Development Incentive (REDI)
- Utah Recycling Market Development Zones
- Motion Picture Incentive Program
- Enterprise Zones
- Life Science and Technology Tax Credits