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.
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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

Tax Increment Incentives (City Level)

Cedar City and its taxing partners offer a post-performance property tax incentive program based on new property tax increment generated by the expansion and/or relocation of a project.  Please contact Cedar City Economic Development for further information about the requirements for this program.



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. 

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