SALT LAKE CITY, Utah, June 8, 2017 (Gephardt Daily) — State officials have approved an incentive deal expected to bring a new Amazon facility to Utah and create hundreds of jobs.
In its public meeting Thursday at the Utah State Capitol, the Governor’s Office of Economic Development (GOED) Board approved Amazon for a post-performance incentive agreement to begin carrying out a new project in Utah.
Over the next eight years, 130 of the jobs created would qualify for the incentive agreement. Amazon may earn up to 20 percent of the new state taxes they will pay over the eight-year agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate.
The post-performance tax credit rebate is not to exceed $5,680,707. Each year as Amazon meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The projected new state wages over the life of the agreement are expected to be more than $85.5 million, according to a GOED news release.
Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $28,403,534 over eight years. The estimated capital investment of the project is expected to be $200 million.
In the coming weeks, Amazon — the largest Internet-based retailer in the world — will announce details about the project location, scope and timeline, the GOED announcement said.