Grow & Support
Targeted Business Tax Credit Purpose U.C.A. 63N-2-301
The purpose of the Targeted Business Tax Credit (TBTC) program is to encourage private investment and the creation of jobs in rural Utah counties with populations less than 25,000. As return on investment takes more time in remote rural economies than it does along the Wasatch Front, the TBTC encourages development in small rural counties.
Key Initiatives The Office of Rural Development worked with Rep. Becky Edwards and Sen. Brian Shiozowa during the 2017 Legislative Session to update TBTC language (H.B. 416).
Data In CY 2016, GOED approved four applications and each were allocated the $100,000 cap. GOED will continue to report on future allocations as we implement H.B. 416.
Challenges and Achievements The statutory changes implemented in H.B. 416 gave GOED the authority to determine eligibility and issue TBTC certificates. The legislation also simplified a complicated calculation for TBTC eligibility by expanding eligible counties to include all those with populations less than 25,000.
The updated TBTC application process creates competition for “shovel ready” projects that make significant capital investment and create jobs in rural counties with populations less than 25,000. When approved TBTC projects are complete, the additional TBTC tax credit application process will reduce inefficiencies in the system.
Governor’s Office of Economic Development • 2017 Annual Report • www.business.utah.gov
Contact Linda Clark Gillmor Director 801-538-8804 lgillmor@utah.gov
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