Financial incentives are provided by the Utah Governor’s Office of Economic Development for business relocation and expansion. These incentives are used to select companies that create new, high-paying jobs that help improve the standard of living, diversify the state economy, increase the tax base, attract and retain top-level management, and encourage graduates of in-state universities to remain in Utah.
Incentives may be offered as either grants or tax credits. The incentive amount and duration is decided by the Governor’s Office of Economic Development Board and Executive Director based on statutory guidelines and evaluation criteria including the financial strength and historical stability of the company, the number and salary of jobs created, amount of new state tax revenue, long-term capital investment, competition with other locations, and whether the company is in a targeted industry.
All state incentives are awarded on a post-performance basis so that companies must meet specific milestones, including generation of new state tax revenue, before incentives are disbursed. This assures a positive return on investment to the State of Utah and its citizens.
For more information about State Incentives please visit the Governor's Office of Economic Development website.
Don't see what you're looking for? Send us an email and we'll hop on that right away!