Tax Increment Financing
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STATE IN THE US FOR FOUR YEARS U.S. News & World Report
GDP GROWTH RATE FOR OVER 25 YEARS
ECONOMIC OUTLOOK FOR 19 YEARS Rich States, Poor States
Utah is the #1 state in the U.S., leading in measures related to the economy, stability, and infrastructure. Business drives that ranking, and we want your business here. With a young, educated workforce and stunning natural beauty, Utah provides an unbeatable home for its businesses and their people. We also provide incredible resources, driven by a network of collaborative statewide partners to bring your project from concept to fruition fast — including catalyzing it with performance-based tax incentives. Our aim is to drive long-term prosperity for Utahns, and for your business.
Performance-Based Tax Incentives in Utah PREVIOUSLY INCENTED COMPANIES
TARGETED INDUSTRIES*
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Texas instruments Goldman Sachs Northrop Grumman Procter & Gamble
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Torus Breeze Stryker Rio Tinto
Aerospace & Defense Financial Services (FinTech) Technology (AI, Quantum, Blockchain) Life Sciences & Healthcare Energy & Critical Minerals *Required for EDTIF, Preferred for REDTIF
EDTIF & REDTIF in Utah Utah’s Economic Development Tax Increment Financing (EDTIF) and its rural counterpart, the REDTIF, are a win for your business and for Utah. Depending on project location and scope, you can receive up to a 50% tax rebate based on performance. This aligns all parties around what matters most: your long-term success.
EDTIF & REDTIF Details •
Available to companies seeking to relocate or expand operations within Utah
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A post-performance, refundable tax credit rebate. Up to 30% in urban areas and up to 50% in qualifying rural areas
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Credit issued annually from new state revenues (sales, corporate, and withholding taxes paid to the state) over the life of the project
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Project life is typically 5 to 10 years, up to 20 years
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New jobs created need to pay at least 110% of the average county wage in urban areas, 100% of the average county wage in rural areas
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This state tax incentive is stackable with locally sourced and administered tax incentives and those from other organizations like the Utah Inland Port Authority
Move Fast with Utah Companies seeking to participate in the EDTIF/REDTIF program can be approved in as little as three months. Steps to enter into an incentive contract include: 1. 2. 3. 4.
Pre-application review Formal application Incentive committee review (monthly) A public board meeting (monthly)
Find Your Home New guidelines from the 2022 legislative session focus on creating jobs throughout Utah. Our incredibly diverse economy, topography, natural resources, and mix of rural and urban communities provide flexibility and options for work and for life outside of work.
LET’S CONNECT Contact us to learn more and start identifying what your business or project needs, where it should land, and how Utah can help.