Utah offers a variety of incentives for every type of business. These incentives include a low corporate income tax, state sponsored training programs, and "Enterprise Zone" tax credits. Business owners are encouraged to contact the Utah Governor's Office of Economic Development for more information.
Discretionary Grants from the Industrial Assistance Fund (IAF)
Companies expanding or relocating in Utah may apply for incentive grants from the State of Utah's Industrial Assistance Fund (IAF). IAF is a discretionary fund allocated by the state legislature to help encourage business growth in Utah.
Enterprise Zone Tax Credits
Companies locating or expanding in Utah Enterprise Zones may be eligible for credits on state income tax.
More than twenty Utah communities have been designated by the State of Utah as Recycling Market Development Zones. Businesses that collect, process, distribute, or use recycled materials in their manufacturing process can earn economic incentives by locating in these zones or by applying for the creation of a new zone.
Research Tax Credits
Companies doing qualified research in Utah are eligible for income tax credits of up to 6 percent of qualified research expenses.
Sales Tax Exemption for Manufacturing Equipment
Manufacturers (SIC 2000-3999) are exempt from sales tax on the purchase of new equipment for Utah plant start-up. Replacement manufacturing equipment purchases are also exempt from sales tax.
Tax Increment Financing
Cities and counties may award incentives to companies locating in Economic Development Agency or Redevelopment Agency (EDA/RDA) districts. EDA/RDA districts are determined at the city or county level.
Revolving Loan Funds
Small businesses locating or expanding within Salt Lake County may be eligible for Revolving Loan Funds.