Helping Companies Succeed in a Competitive Marketplace Utah's EDTIF & REDTIF programs Utah is known for its business-friendly environment and unparalleled access to the great outdoors. Go Utah’s Corporate Retention and Recruitment team provides financial incentives for local and out-of-state companies seeking to expand or relocate to Utah. Incentives are available to select companies that create new, high-paying jobs that improve quality of life, increase the tax base, and help diversify the state’s economy. Two Legislature-authorized post-performance incentive programs help Utah-based companies succeed in today’s competitive marketplace.
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REDTIF
Go Utah’s Economic Development Tax Increment Financing program helps foster and develop key industry sectors in the state, provide additional employment opportunities, and improve the state’s economy.
The Rural Economic Development Tax Increment Financing program can help companies begin or expand operations in rural Utah (in counties except for Davis, Salt Lake, Utah, Washington, and Weber).
Incentives are offered as tax credit rebates or grants. They’re disbursed after the company meets contractual performance benchmarks such as job creation, new capital expenditure, and payment of state taxes. The tax credit is a post-performance, refundable tax credit rebate for up to 30% of new state revenues (sales, corporate, and withholding taxes paid to the state) over the life of the project (up to 20 years, but typically 5-10 years).
Incentives are offered as tax credit rebates. They’re disbursed after the rural company meets contractual performance benchmarks such as job creation (paying 100% of county average wages), new capital expenditure, and payment of state taxes. The program is a post-performance, refundable tax credit rebate of up to 50% in 3rd class counties of new state revenues (sales, corporate, and withholding taxes paid to the state) over the life of the project (up to 20 years, but typically 5-10 years). In 4th, 5th, and 6th class counties, qualifying companies receive a rebate of 50% of new state revenues. Participating in the REDTIF may also help garner additional support from local taxing entities.
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To learn more, please get in touch with Daniel Royal at dtroyal@utah.gov or visit business.utah.gov.
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