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Note: Only those incentives available in Weber County are listed here.
Local Incentives:
Tax Increment Financing: This program provides incentives based on investment in real and personal property. As property valuation for tax purposes increases as a result of expansion, a portion of the gain in tax base from the new investment may be returned to the investor. This program is influenced by job creation associated with business start or expansion. The ratio between pre-project valuation and new investment, number of new jobs, and average annual wage are additional factors for consideration.
STATE INCENTIVES:
Aerospace & Aviation Tax Increment Financing: Available for projects locating at the Ogden/Hinckley Airport, this incentive provides partial rebates on new state revenues including franchise or corporate income tax, sales tax, and payroll tax.
Economic Development Tax Increment Financing: Available for projects locating anywhere in the state, this incentive provides partial rebates on new state revenues including franchise or corporate income tax, sales tax, and payroll tax.
HB 11: During the 2005 legislative session, an incentives program with the same benefit as the Aerospace and Aviation Tax Increment Financing Program but applicable to all areas of the state was passed. Policy and program guidelines are being developed, and should be available by the summer of 2005.
Industrial Assistance Fund: Performance driven payments to expanding or relocating companies, with annual payments over a three year term, the IAF considers capital investment, job creation, and competition when approving grants. Average incentive is $1000-$3000 per new job.
Research Tax Credits: Companies performing qualified research in Utah are eligible for income tax credits up to 6% of their qualified research expenses, including purchase price of machinery and equipment, wages paid, and computer related expenses.
Sales Tax Exemption for Manufacturing Equipment: Manufacturer's (SIC 2000-3999) are exempt from sales tax on new equipment purchases.
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