Utah

Quick Facts

Utah Governor Gary Herbert

Utah Governor Gary Herbert

 

  • Capital: Salt Lake City
  • Population (2012 Est.): 2,855,287
  • Largest Cities (2012): Salt Lake City, 189,314; West Valley City, 132,434; Provo, 115,919; West Jordan, 108,383; Orem, 90,749
  • Targeted Industries: Outdoor Recreati0n Products, Energy & Natural Resources, Life Sciences, Software/IT, Financial Services, Aerospace & Defense
  • GDP (All Industry 2012): $130.4*

*Bureau of Economic Analysis, U.S. Department of Commerce

utah

Incentives

FINANCING

Private Activity Bond: Utah’s tax-exempt bonding authority creating a lower cost, long-term source of capital.

Rural Fast Track Program: A post-performance grant available to small companies in rural Utah. Requirements:

  1. Be located in a county with a population less than 30,000 and average household income less than $60,000
  2. Have been in business in the state for at least two years
  3. Have at least two employees
  4. Enter into an incentive agreement with GOED which specifies performance milestones
  5. Demonstrate how the business development project will promote business and economic development in a rural county
  6. Up to $50,000 for a qualifying business development project
  7. 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% of the county average wage
  • $1,250 for each new job that pays over 115% of the county average wage
  • $1,500 for each new job that pays over 125% 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% of urban county average wage or 100% 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.

TAX INCENTIVES

EDTIF Tax Credit: A post-performance, refundable tax credit for up to 30% of new state revenues (sales, corporate and withholding taxes paid to the state) over the life of the project (typically five to 10 years).  It is available to companies seeking relocation and expansion of operations to the State of Utah. No more than 50% credit in any one year. New jobs created must pay at least 125% above the county average wages within urban communities and be within a specific target industry. For rural communities, at least 100% of county average must be paid. No retail distribution projects.

Recycling Market Development Zones: Focuses on recycling as an economic development tool. As more products are recycled and used to manufacture new products the economy will be stimulated through new company expansion or formation and the creation of additional jobs. The zone legislation was established to incent businesses to use recycled materials in their manufacturing processes and create new products for sale.  It also benefits business or individuals that collect, process, distribute recycled materials. Composting is considered to be eligible recycling operation. Eligible recycling businesses that are located in designated Recycling Market Development Zones qualify for:

  • 5% Utah state income tax credit on the cost of machinery and equipment
  • 20% Utah state income tax credit (up to $2,000) on eligible operating expenses
  • Technical assistance from state recycling economic development professionals
  • Various local incentives

Renewable Energy Development Incentive (REDI): A post-performance refundable tax credit for up to 100% 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.

Utah Recycling Market Development Zones: Businesses within a Recycling Zone can claim state income tax credits of 5% on the investment in eligible equipment for the handling and/or consumption of recycled materials.

Motion Picture Incentive Program (MPIP): A post performance incentive of up to 25% of total dollars spent in the state in the form of a cash grant or refundable tax credit.

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.

State Listings

  • Economic Development Corporation of Utah

    Jeff Edwards
    President & CEO
    201 S. Main St., Suite 2150
    Salt Lake City, UT 84111
    P: 801-328-8824
    [email protected]
    www.edcutah.org
  • Utah Governor’s Office of Economic Development

    Theresa Foxley
    Managing Director, Corporate Recruitment & Incentives
    60 East South Temple, 3rd Floor
    Salt Lake City, UT 84111
    P: 801-538-8850
    [email protected]
    business.utah.gov
  • Utah Science Technology and Research (USTAR)

    Ted McAleer
    Executive Director
    60 East South Temple, 3rd Floor
    Salt Lake City, UT 84111
    P: 801-538-8622
    [email protected]
    www.innovationutah.com

Regional Listings

  • Weber Economic Development Partnership

    Douglas Larsen
    Executive Director
    2380 Washington Boulevard, Suite 360
    Ogden, UT 84401
    P: 801-399-8586
    [email protected]
    www.co.weber.ut.us/weberedp/

County Listings

  • Emery County Economic Development

    Michael McCandless
    Economic Development Director
    95 East Main Street, Suite 107 (P.O. Box 297)
    Castle Dale, UT 84513
    P: 435-381-3565, ext. 3568
    [email protected]
    www.emerycounty.com
  • Grand County Planning Commission

    Krissie Braun
    Community Development Director
    125 East Center Street
    Moab, UT 84532
    P: 435-259-1371
    [email protected]
    www.grandcountyutah.net
  • Juab County Economic Development

    Brent Boswell
    Director
    160 North Main Street
    Nephi, UT 84648
    P: 435-623-3415
    [email protected]
    www.co.juab.ut.us
  • Millard County Economic Development Association

    Linda Clark Gillmor
    Economic Development Director
    P.O. Box 854
    Delta, UT 84624
    P: 435-864-1400, ext. 1407
    [email protected]
    www.millardcounty-ecdev.com
  • Salt Lake County Office of Business & Economic Development

    Christina M. Oliver
    Director
    2001 South State Street, Suite S2100
    Salt Lake City, UT 84190-3050
    P: 801-468-4865
    [email protected]
    www.slco.org/econdev/
  • Sanpete County Economic Development

    Kevin Christensen
    Director
    191 North Main, P.O. Box 148
    Manti, UT 84642
    P: 435-835-4321
    [email protected]
    www.sanpete.com/pages/economic
  • Sevier County Economic Development Council

    Malcolm Nash
    Director
    250 North Main Street
    Richfield, UT 84701
    P: 435-893-0454
    [email protected]
    www.redrockcommercial.com/
  • Summit County

    Patrick Putt
    Community Development Director
    60 North Main, P.O. Box 128
    Coalville, UT 84017
    P: 435-336-3158
    [email protected]
    www.co.summit.ut.us/communitydevelopment
  • Wayne County Economic Development Council

    Michelle Coleman
    Director
    P.O. Box 189
    Loa, UT 84747
    P: 435-836-1315
    [email protected]
    www.waynecountyutah.org

City Listings

  • City of South Jordan, Utah

    Brian A. Preece
    City Commerce & Sustainability
    1600 West Towne Center Dr.
    South Jordan, UT 8409584095
    P: 801-254-3742
    [email protected]
    www.sjc.utah.gov/economicdevelopment.asp
  • City of West Jordan Economic Development Office

    Tom Burdett
    Director, Development
    8000 S. Redwood Road
    West Jordan, UT 84088
    P: 801-569-5061
    [email protected]
    www.wjordan.com
  • Commission for Economic Development in Orem (CEDO)

    Brad Whittaker
    Executive Director
    777 South State Street
    Orem, UT 84058
    P: 801-226-1521
    [email protected]
    www.cedo.org
  • Lindon City Corporation

    Hugh Van Wagenen
    Planning and Economic Development Director
    100 North State Street
    Lindon, UT 84042
    P: 801-785-7687
    [email protected]
    www.lindoncity.org
  • Park City Chamber of Commerce & Convention and Visitors Bureau

    Bill Malone
    President & CEO
    1910 Prospector Avenue, P.O. Box 1630
    Park City, UT 84060
    P: 435-649-6100
    [email protected]
    www.visitparkcity.com
  • Provo City Mayor’s Office of Economic Development

    Dixon Holmes
    Deputy Mayor of Economic Development
    351 West Center Street, Suite 250
    Provo, UT 84603-1849
    P: 801-852-6161
    [email protected]
    www.provo.org
  • Salt Lake Chamber

    Lane Beattie
    President & CEO
    175 East University Boulevard (440 South), Suite 600
    Salt Lake City, UT 84111
    P: 801-328-5073
    [email protected]
    www.saltlakechamber.org
  • Salt Lake City Community & Economic Development Department (CED)

    Eric D. Shaw
    Director
    451 South State Street, Room 404, P.O. Box 145486
    Salt Lake City, UT 84114-5486
    P: 801-535-6230
    [email protected]
    www.slcgov.com
  • Sandy Department of Economic Development

    Nick Duerksen
    Director of Business & Economic Development
    10000 Centennial Parkway
    Sandy, UT 84070
    P: 801-568-7105
    [email protected]
    www.sandy.utah.gov/
  • West Valley City Chamber of Commerce

    Alan Anderson
    President & CEO
    1241 West Village Main Drive (3340 South), Suite B
    West Valley City, UT 84119
    P: 801-977-8755
    [email protected]
    www.chamberwest.org