State of Utah Tax Credit Projections by the Numbers

Timeline 5 years
Capital investment $20 million
Jobs 64
Wages $16,581,000
Projected new state tax revenue $3,028,063
EDTIF new state taxes 20%
EDTIF amount $605,613

About Utah Corporate Incentives

The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria. Once the office confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.