1. (1) The amount and duration of a tax credit award shall be determined on a case-by-case basis. The factors that the office may consider include:

   1. (a) whether the company is projecting positive long-term growth;
   2. (b) whether the company is part of a targeted industry;
   3. (c) the overall benefit to the state from the new commercial project;
   4. (d) the uniqueness of the economic opportunity;

   5. (e) the economic environment when the new commercial project or company applies including;

      1. (i) the job leakage to other counties;
      2. (ii) the relative value of a job; and
      3. (iii) the underemployment rate;
   6. (f) the location of the new commercial project;
   7. (g) the quality of financing the company has received;

   8. (h) comparison to previously incented projects in size, scope, and industry;

      1. (i) service hours completed per high paying job under a prior agreement with the office; and
   9. (j) other factors as reasonably determined by the administrator.

2. (2) The factors for an award higher than 30% of new state revenues for a project located in a county of the third-class, or a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship are:

   1. (a) factors in Subsection R357-3-105(1);
   2. (b) evidence of significant financial support of the local community for the project;

   3. (c)(i) capital expenditures of at least $500,000,000 for the new commercial project;

      1. (ii) the new capital project is in targeted industry as defined by the office; or
      2. (iii) local taxing entities are offering a tax increment agreement of at least 75% and 25 years of property tax rebates;

   4. (d)(i) the new capital project creates at least 2,000 new high-wage jobs; and

      1. (ii) the new capital project is in targeted industry as defined by the office;
      2. (iii) the average wages for the new high paying jobs are at least 300% of the average county wage; or
      3. (iv) local taxing entities are offering a tax increment deal over 75% and 25 years for property tax rebates;

3. (3) A new commercial project within the leisure and hospitality industry sector, located in a county of the fifth or sixth class may receive an award up to 50% of new state revenues over 20 years if the project:

   1. (a) has capital expenditure of at least $10,000,000;
   2. (b) creates a significant number of new high paying jobs;
   3. (c) is of strategic importance to the state, county and city;
   4. (d) is adjacent to a unique, high visitation tourist area; and
   5. (e) location would otherwise be underserved in leisure and hospitality without being provided an incentive.
4. (4) If the GOEO Board has not approved a project within six months of submission the company must submit an updated application.

5. (5) The Executive Director after consultation with the GOEO Board may:

   1. (a) approve or deny an application; and
   2. (b) determine terms and conditions of an approved application.

KEY: economic development, jobs, tax credit

Date of Last Change: April 14, 2025

Notice of Continuation: November 30, 2023

Authorizing, and Implemented or Interpreted Law: 63N-2-110