Incentives

Tax Increment Incentives (State Level)
The Utah State Legislature passed an incentive program called the Economic Development Tax Increment Financing (EDTIF). This tax incentive is a post-performance incentive. The qualifications are similar to the county level requirements with some differences. For example:

  • The company must bring in a significant number of jobs
  • The company must pay 110% above the average 
    county wage over the course of the agreement
  • The agreement may be up to 20 years.
    However, the average agreement in 2015 is 8.1 years. 
To learn more about the EDTIF program, the Governor's Office of Economic Development released the following video
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Tax Increment Incentives (County Level)
The TIF tax credit is a post-performance, refundable tax credit for up to 75% of new property tax revenue. It is available to companies seeking relocation and expansion of operations in Iron County.

Policy:
  • Maximum credit of up to 75% over the life of the project
  • New jobs created must pay at least 125% above the county average wage.
  • No retail distribution projects
  • The life of the incentive is typically 3 - 10 years
Requirements:
  • Create new high-paying jobs in the county       
  •        -at least 25 jobs
           -at least 125% of county average
  • Generate new property tax revenues
  • Obtain commitment from local government to provide local incentives and establish an Economic Development Zone, Community Development Zone or Redevelopment Zone
  • Significant capital investment
  • Significant purchases from Utah vendors or suppliers
  1. GAF
Project Summary:
  • Board Approved: 01/10/2013
  • Location: Cedar City, UT
  • Type: Economic Development Tax Increment Financing
  • Term 15 years
  • New State Wages: $38,272,300
  • New State Revenue: $3,546,848
  • Capital Investment: $40,000,000
  • Maximum Cap. Incentive: $886,712
  1. GAF
Project Summary:
  • Board Approved: 01/10/2013
  • Location: Cedar City, UT
  • Type: Economic Development Tax Increment Financing
  • Term 15 years
  • New State Wages: $38,272,300
  • New State Revenue: $3,546,848
  • Capital Investment: $40,000,000
  • Maximum Cap. Incentive: $886,712
  1. GAF
Project Summary:
  • Board Approved: 01/10/2013
  • Location: Cedar City, UT
  • Type: Economic Development Tax Increment Financing
  • Term 15 years
  • New State Wages: $38,272,300
  • New State Revenue: $3,546,848
  • Capital Investment: $40,000,000
  • Maximum Cap. Incentive: $886,712
Arial Cedar City
Recently Incented Companies for Cedar City

The following is a list of companies in Cedar City that have been approved to receive an incentive from the Governor's Office of Economic Development (GOED). Each company goes through an application process to be considered if it is eligible for an incentive. For more information regarding incentives, click here

Company Name: GAF
Board Approval: 01/10/2013
Type of Incentive: Economic Development Tax Increment Financing
Term: 15 years
Number of Jobs: 48
New State Wages: $38,272,300
New State Revenue: $3,546,848
Capital Investment: $40,000,000
Maximum Cap. Incentive: $886,712

Company Name: Metalcraft Technologies, Inc
Board Approval: 06/05/2013
Type of Incentive: Economic Development Tax Increment Financing
Term: 20 years
Number of Jobs: 960
New State Wages: $740,694,392
New State Revenue: $60,622,028
Capital Investment: $20,000,000
Maximum Cap. Incentive: $15,155,507

Company Name: Syberjet Aircraft
Board Approval: 06/05/2013
Type of Incentive: Economic Development Tax Increment Financing
Term: 20 years
Number of Jobs: 240
New State Wages: $288,047,817
New State Revenue: $67,243,048
Capital Investment: $380,000,000
Maximum Cap. Incentive: $16,810,761