Economic Incentives & Tax Credits
High impact incentives for small businesses in Utah
Utah is world-famous for its beautiful landscapes, “Best Snow on Earth,” and much more. The Beehive State, known for its strong work ethic, thrives in many key industries such as advanced materials, aerospace, data centers, financial services, fintech, manufacturing and distribution, and life sciences. Incentives are available to select companies creating new, high-paying jobs that improve quality of life, increase the tax base, and help diversify state and local economies. They are offered as tax credits or grants and disbursed only after the company has met contractual performance benchmarks, including job creation, capital expenditure, and payment of new state taxes.
Top tax incentive programs for small and medium-sized businesses in Utah
Utah's Economic Opportunity (EDTIF) Tax Credit
The EDTIF tax credit is a post-performance, refundable tax credit for up to 30% of new state revenues (sales, corporate, and withholding taxes paid to the state) over the life of the project (typically 5-10 years).
Utah New Market Tax Credit
In 2014, the Utah Legislature enacted the Utah Small Business Jobs Act to attract additional investment in the most severely distressed areas of the state.
Technology and Life Science Economic Development Act
In the 2016 general session, the Utah Legislature changed the Technology and Life Science Economic Development Act, giving the Governor’s Office of Economic Opportunity authority to issue tax credits to qualifying technology and life science investors.
Research Activities Credits
Tax credits for research activities conducted in the state.
Industrial Assistance Account
The IAA is a post-performance grant for the creation of high-paying Utah jobs.
High-Cost Infrastructure Tax Credit
The HCITC supports investments in qualifying cost-intensive, natural resources-based infrastructure projects and is available to businesses who invest in the expansion or creation of industrial, mining, manufacturing, or agricultural activity.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.