Utah a fiscally conservative state with a dynamic economic development team announces 3 Incentive Packages that promis over 2400 jobs in 10 years.
Tony Semerad writing for The Salt Lake Tribune highlights this job creation story in his article published May 14th, 2020, entitled, "Utah announces tax incentives for three companies bringing new jobs to the state." Read the article below
Utah announces tax incentives for three companies bringing new jobs to the state
By Tony Semerad
· Published: May 14
Updated: May 14, 2020Three companies announced Thursday they will expand their Utah operations and add new high-paying jobs, with the help of state tax incentives.
Malouf, GoHealth and Anglepoint Group will all build on their existing presences along the Wasatch Front, using promises of future tax rebates from the state to create a total of 2,447 jobs over the next 10 years, according to Gov. Gary Herbert’s Office of Economic Development, or GOED.
Malouf, a bedding and furniture maker and distributor now based in Logan, will build new corporate headquarters in Nibley. GOED said the expansion is likely to spur additional employment in the Cache Valley’s finance, marketing and software development sectors.
Malouf, founded in 2003, could earn up to $14.4 million in tax rebates over the next decade as it creates as many as 1,195 new positions at above-average pay, state officials said.
Nibley Mayor Shaun Dustin said in a statement the firm had been “a model corporate partner” since opening offices in the city six years ago.
GoHealth, an online marketplace for health insurance with offices in Lindon, is embarking on its second expansion since 2018, when the Chicago-based firm first set up shop in Utah.
It stands to receive $13 million in state tax credits between now and 2030, as it creates 1,159 new positions, GOED said.
Theresa Foxley, president and CEO of the Economic Development Corporation of Utah, said in a statement that GoHealth had considered expanding on the East Coast instead, “but their experience in the Utah market tipped the scales in our favor.”
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As Utah reopens its economy, some say the COVID-19 unemployment benefits could be a barrier to workingAnglepoint Group, a software company also based in Lindon, will add 93 jobs in five years, under its deal with GOED. Founded in 2009 with three employees, the company is expected to get $228,348 in tax credits in return.
“Our story began in Silicon Valley,” Anglepoint CEO Brian Papay said in a statement, “and now we are excited to write a new chapter in Silicon Slopes.”
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