A state agency has simplified the process of applying for tax credits designed to spur investment and job creation by rural, non-retail small businesses in Utah.
The Governor’s Office of Economic Development (GOED) has created an online portal to improve the Enterprise Zone Tax Credits application process.
“One of the least-known rural tax credits is the Enterprise Zone Tax Credit, which is available to eligible businesses for making capital investments and hiring new employees,” said Val Hale, GOED’s executive director. “These tax credits help businesses in rural Utah grow, hire additional employees and strengthen their local economies.”
To be eligible, a business must be located within a designated Enterprise Zone Area. Businesses can determine if they are in a zone area by visiting www.locate.utah.gov and selecting “Enterprise Zones” under the “Economy” tab. Businesses then enter their address and ZIP code. If the business comes up under a red watermark, it is located in an Enterprise Zone Area and is eligible to apply for the tax credit.
In 2017, a total of 502 rural businesses were awarded those tax credits, with an average value of $10,911. The industries awarded the most credits for 2017 (in order of tax credit dollars awarded) were agricultural forestry, fishing and hunting; real estate rental and leasing; mining; construction; transportation and warehousing; healthcare and social assistance; professional, scientific and technical services; and manufacturing.
“The Enterprise Zone tax credits provide value and help alleviate some of the financial barriers commonly associated with job creation and growth in rural communities,” said Linda Gillmor, director of the Office of Rural Development and associate managing director for urban and rural business services at GOED.
“We have a number of tax credit programs available to rural businesses. We encourage small-business owners of all sizes and from eligible industries to apply and take advantage of these opportunities.”
Details about the tax credit are at http://business.utah.gov/programs/incentives/enterprise-zones/.