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BUSINESS INCENTIVES

TAX INCREMENT FINANCING (TIF)

Cities and counties may award incentives to companies locating in Economic Development Areas (EDA), Urban Renewal Areas (URA) or Community Development Areas (CDA). The city or county determines EDA/URA/CDA areas on a local level. Incentive dollars are generated through the creation of new “property tax increment” that a development will generate. When a company constructs a new building, for example, its property tax increment is the result of the assessed value of the building multiplied by the property tax rate. In an EDA or URA, all public entities entitled to property tax agree to rebate their increment back to the new development for a specified period of time to incent the development to occur. In a CDA, public entities must opt-in on a property tax rebate if they see fit. Incentives are awarded as a percentage of the tax increment created by the development.

EDA | URA | CDA Designation

EDA – Economic Development Areas; are intended for development on land sites that will result in the value-added creation of jobs. There is no requirement for blight in an EDA and the property can be vacant or partially improved land.

URA – Urban Renewal Areas; are “blighted” areas that require local assistance to reasonably justify any type of economic renewal.

CDA – Community Development Areas; are intended to undertake any economic or community development purpose of the city or county, including job growth and/or retail sales.

 

  Partner Organizations Local Incentives

State of Utah Incentives

Workforce Development Initiatives



 

Financial incentives are provided by the Utah Governor’s Office of Economic Development for business relocation and expansion.  These incentives are used to select companies that create new, high-paying jobs that help improve the standard of living, diversify the state economy, increase the tax base, attract and retain top-level management, and encourage graduates of in-state universities to remain in Utah.

Incentives may be offered as either grants or tax credits. The incentive amount and duration is decided by the Governor’s Office of Economic Development Board and Executive Director based on statutory guidelines and evaluation criteria including the financial strength and historical stability of the company, the number and salary of jobs created, amount of new state tax revenue, long-term capital investment, competition with other locations, and whether the company is in a targeted industry.

All state incentives are awarded on a post-performance basis so that companies must meet specific milestones, including generation of new state tax revenue, before incentives are disbursed. This assures a positive return on investment to the State of Utah and its citizens.

For more information about State Incentives please visit the Governor's Office of Economic Development website:

http://business.utah.gov/programs/incentives/



Contact:  Sara Stoffers - Economic and Workforce Development Specialist

   

For more information on these programs and the application process, please click on the links above or visit the web site at: