UT Statewide Economic Development Agencies |
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UT Utilities |
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UT Regional Economic Development Agencies |
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UT County Economic Development Agencies |
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UT City Economic Development Agencies |
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Utah State Incentives
ECONOMIC DEVELOPMENT TAX INCREMENT FINANCING (EDTIF): A post-performance refundable tax credit up to 30 percent of new state revenues (state corporate/partnership income, sales and withholding taxes) over the life of the project (up to 20 years).
RENEWABLE ENERGY DEVELOPMENT INCENTIVE (REDI): A post-performance refundable tax credit for up to 100 percent of new state revenues (state corporate/partnership income, sales and withholding taxes) over the life of the project (up to 20 years) for renewable/alternative energy generation and related manufacturing.
The PRIVATE ACTIVITY BOND is Utah’s tax-exempt bonding authority creating a lower cost, long-term source of capital.
UTAH RECYCLING MARKET DEVELOPMENT ZONES: Businesses within a Recycling Zone can claim state income tax credits of 5 percent on the investment in eligible equipment for the handling and/or consumption of recycled materials.
LIFE SCIENCE AND TECHNOLOGY TAX CREDITS: Investors in a Utah life science company are eligible for a non-refundable capital gains tax credit of 5 percent of a capital gain after holding the investment for at least two years. Investors are eligible for a non-refundable, post-performance tax credit of up to 35 percent of their investment, paid over three years. 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.
MOTION PICTURE INCENTIVE PROGRAM (MPIP): A post performance incentive of up to 25 percent of total dollars spent in the state in the form of a cash grant or refundable tax credit.
RURAL FAST TRACK PROGRAM: A post-performance grant available to small companies in rural Utah. Requirements:
- Be located in a county with a population less than 30,000 and average household income less than $60,000
- Have been in business in the state for at least two years
- Have at least two employees
- Enter into an incentive agreement with GOED which specifies performance milestones
- Demonstrate how the business development project will promote business and economic development in a rural county
*Up to $50,000 for a qualifying business development project
- Create and retain for at least 12 months new high-paying jobs in a rural county
*$1,000 for each new job that pays over 110 percent of the county average wage
*$1,250 for each new job that pays over 115 percent of the county average wage
*$1,500 for each new job that pays over 125 percent of the county average wage
INDUSTRIAL ASSISTANCE FUND (IAF): A post-performance grant for the creation of high-paying jobs in the state. Eligible companies must create at least 50 new jobs, pay at least 125 percent of urban county average wage or 100 percent of rural county average wage, demonstrate company stability and profitability, secure commitment from local community to provide a local incentive, demonstrate competition with other locations and enter into an incentive agreement with GOED that specifies performance milestones.
ENTERPRISE ZONES: Under the program, certain types of businesses locating to, or expanding in a designated zone may claim state income tax credits provided in the law. Any city or county in the state of Utah may be eligible for enterprise zone designation. Application for designation must be made by a city with 10,000 or less population located in a county with 50,000 or less population or an Indian Tribe for tribal lands.
