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Utah State and Local Incentive Opportunities - This links to a document listing existing state and local incentive opportunities in Utah with links to program websites. Click on any of the incentive programs listed below for additional information, applications, deadlines and legislation.
Economic Development Zone Tax Increment Financing (EDTIF) - A post-performance, refundable tax credit for up to 30% of new state revenues (sales, corporate and withholding taxes) over the life of the project (typically 5 to 10 years).
Industrial Assistance Fund (IAF) - A post-performance grant for the creation of high-paying jobs in the state.
Industrial Revenue Bonds (IRB) / Industrial Development Bonds (IDB) - Counties and municipalities issue IRB's/IDB's to promote industrial development and manufacturing facilities in the State of Utah. Funds must be used for manufacturing facilities.
Custom Fit Training - This program provides specialized training for companies to train their employees. Custom Fit is administered through the Utah College of Applied Technology centers and state colleges and universities.
Enterprise Zones - Under this program, areas are identified by local elected and economic development officials and designated by the state. Certain types of businesses locating or expanding in a designated zone may claim state income tax credits.
Motion Picture Incentive Fund - A post-performance rebate of production dollars spent in the State of Utah. An approved production is eligible for a rebate of up to 20% on every dollar spent in the state. Certain qualifications apply.
Private Activity Bond (PAB) - Utah's tax-exempt bonding authority creates a low cost, long-term source of capital under the Federal Tax Act of 1986. The federal government allocates $28 billion per year to state on a per capita basis, with Utah receiving $273,270,000 in 2009.
Recycling Market Development Zones - More than 20 Utah communities have been designated as Recycling Market Development Zones to incent businesses to use recycled materials in their manufacturing processes and create new products in Utah.
Renewable Energy Development Incentive (REDI) - A post-performance, refundable tax credit for up to 100% of new state tax revenues (sales, corporate and withholding taxes) over the life of the project (typically 5 to 10 years).
Research Tax Credits - Companies doing qualified research in Utah may be eligible for a non-refundable income tax credit of up to 5% for qualified research activity and up to 6% for qualified investments in research machinery and equipment.
Rural Fast Track Program (RFTP) - A post-performance grant available to small companies in rural Utah. The program provides an efficient way for existing small companies to receive incentives for creating high-paying jobs in rural areas of the state.
Rural Broadband Service Fund - A restricted account used for grants to providers for deploying broadband service in rural Utah areas.
Sales Tax Exemption for Manufacturing Equipment - Manufacturers (SIC 2000-3999) may be eligible for exemption from sales tax on the purchase of new equipment for Utah plant start-ups and replacement manufacturing equipment purchases.
Tax Increment Financing (TIF) - Cities and counties may award incentives to companies locating in EDA's, URA's or CDA's. Each city or county determines EDA/URA/CDA areas. Companies are given back a portion of their newly generated property tax increment from their development.
Give us a call, we can help.Todd Brightwell
Senior VP, Business Development