The tech powerhouse of the Silicon Slopes remains a driving force in Utah’s economy and helped pull it through 2020 when other states were hindered with shutdowns and the limitations of social distancing. The state continues to expand in other sectors, too. Malouf Companies announced a $420 million expansion and 4,200 new jobs in Cache Valley, American Packaging is building a $126 manufacturing plant in Cedar City, and Cytiva is working on a $231 million expansion in Logan.
Utah’s Job Creation (EDTIF) Tax Credit: Offers a refundable tax rebate for up to 30% of new state revenues, over the life of the project, for companies relocating or expanding their operations.
Industrial Assistance Fund: Offers a funding for companies that create at least 50 jobs in urban counties.
Utah New Market Tax Credit: Awarded to businesses that relocate or expand to the most severely distressed areas of the state.
Sales Tax Exemption for Manufacturing Equipment: Offers a sales tax exemption for manufacturers on the purchase of new equipment
business.utah.gov
edcutah.org
slc.gov/ed
provo.org/departments/economic-development
In September 2021, Utah’s Governor’s Office of Eco- nomic Opportunity announced the launch of the Utah Technology Innovation Funding (UTIF) pilot program. It provides microgrants and nonrecourse loans for companies in the technology development sector that are pursuing non-dilutive funding through the federal Small Business Innovation Research and Small Business Technology Transfer programs.
5 Fortune 500 companies headquartered in state:
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