Incentives
Incentives in Salt Lake County include a revolving loan fund and tax increment financing in one of the county's redevelopment projects. The incentives that are available are targeted mainly for the unincorporated areas of the county including Magna, Kearns, and Millcreek. Salt Lake County has financials incentives that include a revolving loan fund, redevelopment areas, fee waivers or others. If your business is relocating or expanding to one of the cities within the county, you should contact the cities directly.
Salt Lake County administers a business loan fund that is available to businesses who are looking to relocate or expand within the unincorporated areas of the county. The type of loans offered are usually to companies who have been in business for a couple of years, but are still considered "unbankable." The fund will loan up to $250,000 to qualifying companies at a higher interest rate than a traditional bank loan and usually provides "gap" financing to the company. For more information on the Salt Lake County Revolving loan fund, contact Gordy Holt at 801-538-4131 or visit the website for an application.
There are also several active redevelopment areas in unincorporated Salt Lake County where tax increment incentives may be available. Contact Paul Bringhurst, RDA Manager at 385-468-4867 for more information.
The Governor's Office of Economic Development administers several incentive funds to qualifying companies. Those qualifications include size of company, time in operation, where they will be locating, jobs created, amount of capital investment and the type of industry. The Governor's office is also looking to help Utah-based businesses looking to expand.
The four major incentives are:
Economic Development Tax Increment Financing (EDTIF) - This incentive is a post-performance refundable tax credit for up to 30% of new state tax revenues (includes state corporate, sales and withholding taxes) over the life of the project.
Industrial Assistance Fund (IAF) - This incentive is a post-performance grant for the creation of high-paying jobs in the state. A company must create at least 50 new jobs that pay at least 125% of urban county average wage or 100% of rural county average wage. To receive an IAF, the company must also secure a commitment from the local community where they will locate, as well as demonstrate competition with other locations.
Rural Fast Track - This incentive is a post-performance grant available to small companies in rural Utah. To receive this grant, a company must locate in a county with a population less than 30,000 and average household income less than $60,000. There are additional qualifiers for this grant.
Renewable Energy Development Incentive - This incentive program is very similar to the EDTIF. The REDI provides tax credits based on incremental tax revenue for companies involved in renewable energy generation, alterative energy generation and products. A more thorough explanation of the fund is located here.
For more information on the incentives available through the Governor's Office of Economic Development, visit their website. Deadline for application for incentive funds is the 1st of the month. The Governor's Economic Development boards meets on the 2nd Thursday of the month to consider the applications. Additional information on the incentives available is located here.
