Corporate Recruitment, International Trade and Diplomacy
The mission of Corporate Recruitment and International Trade and Diplomacy (CRITDO) is to accelerate business growth and job creation through sustainable, cluster-focused domestic and international corporate expansion and relocation, and to strengthen Utah’s international stature through diplomacy and export promotion. Foxley CRITDO carries out GOED’s vision through attracting Theresa Managing Director new investors and companies to the state and by helping existing companies expand.
Ancillary CRITDO Programs Life Science and Technology Tax Credits, U.C.A. 63N-2-8 Life science and technology companies generating new state revenues are eligible for a post-performance refundable tax credit of up to the amount of new state revenues generated over three years. Investors in a Utah life science company are eligible for a non-refundable, post-performance tax credit of up to 35 percent of their investment, paid over three years. In 2011, GOED awarded four life science companies a total of up to $1 million in tax credits to be distributed over three years. 2014 was the third year to measure economic impact; the new projects associated with the tax credits resulted in the creation of 79 jobs since the inception of the program. In 2012, GOED awarded ten investors up to $204,750 in post-performance tax credits to be distributed over three years. These ten investors make up $585,000 in direct investment in three life science companies. Funds for Employee Training The State Legislature appropriated Job Growth Funds during the 2010 General Session to be used by DWS for workforce development and labor exchange activities. Since the 2010 General Session, the Utah State Legislature has continued
Governor’s Office of Economic Development • 2015 Annual Report • www.business.utah.gov
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