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Taxbit Ramping Up Utah Location

$70 million CAPEX

1,700 jobs

Project Token

July 8, 2021

Team Utah* is pleased to announce that TaxBit, Inc. will expand its facility in Utah, adding up to 1,700 new high-paying Utah jobs in the next 10 years. The expansion includes capital expenditures of $70 million.

“TaxBit has a unique business model and will be a fantastic addition to Utah’s tech sector,” said Dan Hemmert, executive director of the Governor’s Office of Economic Opportunity (Go Utah). “With this expansion, TaxBit will be hiring for various positions including CPAs, software developers, attorneys, implementation consultants, security, sales, marketing, and many others.”

TaxBit is a software that automates tax and accounting reporting for capital assets. The company provides tax reports and back-end accounting, working with some of the county's most prominent brokerages and CPA firms. TaxBit connects cryptocurrency transactions across every exchange so that clients can accurately file taxes, manage portfolios, and make tax-optimized trades.

“We're excited to work with the Governor’s Office of Economic Opportunity as TaxBit enters a rapid phase of growth,” said Justin Woodward, co-founder and tax attorney of TaxBit. “We were founded in Utah and believe it has an incredible ecosystem of industry-leading tech companies and an impressive collection of best-in-class talent.”

The Go Utah Board has approved a post-performance tax credit not to exceed $4,424,503. Each year TaxBit meets the criteria in its contract with the state, it will earn a portion of the total tax credit.

“It comes as no surprise that Utah company TaxBit is at the cutting edge of compliance technology for the exciting innovations in blockchain and cryptocurrency,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “The legal and accounting talent here is bar-none and will help TaxBit grow and excel in the ever-changing world of fintech.”

Erin Farr, senior business development manager, led this project for EDCUtah. For more information on this or other projects, contact Colby Cooley, EDCUtah vice president of business development, at 801-323-4250, ccooley@edcutah.org.

Todd Brightwell of Advisors Consulting Services provided site selection services to the company.

*Team Utah is a public-private partnership including the Utah Governor’s Office of Economic Opportunity (Go Utah), the Economic Development Corporation of Utah, and – in the case of this project – Draper.

Investors: If you were involved in this project and would like to add your organization to this announcement, please email connect@edcutah.org

Erin Farr

Senior Business Development Manager

efarr​@edcutah.org
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