The Utah Governor’s Office of Economic Development (GOED) announced that in 2019, 20 companies participated in the state’s Economic Development Tax Increment Financing (EDTIF) tax rebate program. Participating companies will create 9,643 high-paying jobs across a variety of sectors, generate $306,196,993 in new state revenue and fund $602,963,462 in Utah capital investment during the next 15 years.
The EDTIF is a post-performance tax rebate of up to 30% of new state revenues (Utah sales, corporate and withholding taxes) during a defined period (typically 5 to 10 years). The tax rebate is available to Utah companies expanding and other companies relocating or establishing additional operations in Utah. Since its inception, approximately two-thirds of the program’s tax rebates have gone to Utah-based companies to help them expand and create more jobs for Utahns.
Created by the Utah Legislature and administered by GOED, the EDTIF program is for companies offering high-wage jobs — paying at least 110% of the average county wage. By design, the program has a ripple effect, creating additional jobs that support corporate expansion across Utah’s economy.
“Utah’s current unemployment rate is 2.5%,” said Val Hale, executive director of GOED. “The national average is around 3.5%. Utah continues to be a leader in job growth and low unemployment. It’s because of programs like the Legislature’s EDTIF post-performance tax rebate program that Utah’s economy continues to outperform other states.”
EDTIF tax rebates are presented to and voted on by the GOED Board after being vetted by staff and Board members. All GOED Board members are appointed by Gov. Herbert and confirmed by the Senate. To learn more about the GOED Board, visit our website.
“Utah is known for the diversity of its economy, and the companies that announced expansions here in 2019 reflect that diversity,” said Theresa A. Foxley, president and CEO of EDCUtah. “This year, GOED and EDCUtah worked with tech leaders like Amazon Web Services, fintech leaders like Plaid and Brex, and healthtech leaders like Ancestry, OODA and Castlight Health. Balancing the tech side of our economy were some exciting manufacturing expansions such as Oatley, Tyson Fresh Meats, and Intermountain Electronics, and outdoor product companies such as Amer Sports and Ventum. We’re already recognized as having America’s most diverse economy. Diversity delivers resilience and opportunity for Utahns.”
For more information about 2019 EDTIF tax rebates and the companies that received them, please visit the GOED newsroom.
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