Utah incentives total $148 million to spur growth

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Last year, Utah said it would give $148 million worth of incentives to help companies expand, more than double the amount allocated in 2010, as the state tries to spur employment.

Utah gives money in the form of tax rebates. Last year’s recipients included IM Flash Technologies Inc, ITT Corporation and eBay. That funding will help add 10,265 jobs and generate over $383 million in new revenue for the state, according to Governor’s Office of Economic Development data. In 2010 Utah gave $62.4 million in incentives that would generate $248 million in state revenue. The program doesn’t involve the state spending cash. Instead it represents rebates given to companies after they hire new employees.

The 20 companies that participated in the program last year will add $6.2 billion in new wages throughout the state over the course of about 10 years, on average. Deseret News

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