Compendium of Budget Information for the 2010 General Session
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| Subcommittee Table of Contents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Function The Corporate Recruitment and Incentives staff administers statutory programs created by the Legislature to induce economic activity in Utah. These programs include the Economic Development Zone Tax Increment Financing (EDTIF), Industrial Assistance Fund (IAF), and the Motion Picture Incentive Fund. Statutory Authority The Industrial Assistance Fund was created in 1991. Statutory authority is provided in UCA 63M-1, Part 9. The purpose of the fund is to encourage the creation of quality jobs in Utah. The GOED Board has responsibility to approve all incentive recommendations. UCA 63M-1 Part 24 established the Economic Development Zone Tax Increment Financing program to enhance the State's ability to attract and recruit new businesses to Utah. These refundable tax credits are based on new state revenues including income tax, sales tax, and corporate tax. By current policy, a qualifying applicant may receive up to a 30 percent tax rebate for up to 20 years. The Motion Picture Incentive Fund was established in 2005 under 63M-1, Part 18 and funding for the fund relies on an ongoing appropriation from the Legislature. Funding Detail Funding for the Industrial Assistance Fund and Motion Picture Incentive Fund comes from the General Fund. Tax Credits under the Economic Development Zone Tax Increment Financing do not require a legislative appropriation.
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