- 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
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:
- 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% 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.
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.