Targeted business tax credit encourages investment in Utah’s rural communities

Targeted business tax credit encourages investment in Utah’s rural communities

The Utah Governor’s Office of Economic Development (GOED) encourages businesses to apply for the Targeted Business Tax Credit (TBTC). The program promotes private investment and job creation in rural Utah counties with populations less than 25,000 people.

“The Targeted Business Tax Credit is one of the tools in the toolbox that is largely underutilized. We are committed to changing that,” said Ginger Chinn, GOED managing director of urban and rural business services.

The TBTC program encourages local businesses to make investments in rural communities. Businesses with projects that meet established criteria may receive up to $100,000 in a refundable tax credit. The total available for all TBTC projects in 2019 is $300,000.

The application and certification processes are completed and awarded through GOED. The tax credit reimbursement is issued through the Utah State Tax Commission for businesses that meet benchmarks and new-hire goals. The tax credit can be collected regardless of whether or not the business has a state tax liability.   

Interested businesses should apply for TBTC through GOED from Jan. 1 through Feb. 1, 2019.

To learn more about the program, and see if your business qualifies, visit business.utah.gov/rural.