The Utah Governor’s Office of Economic Development announced Galileo Processing, Inc. will expand its operations in Utah, adding up to 300 jobs, $12 million in new state revenue and up to $15 million in capital investment over the next seven years.
“Galileo is homegrown Utah company that is taking an innovative approach to payment solutions,” said Val Hale, executive director of GOED. “As Galileo researched opportunities to expand, we’re grateful they’ve selected Utah to continue to grow their operation.”
Galileo is the company behind the technology that powers the most innovative fintech companies, financial institutions and investment firms in North America. Utilizing one of the industry’s most sophisticated processing platforms, Galileo handles thousands of financial transactions every day and provides comprehensive APIs and complete back-office support, allowing clients to stay focused on creating the greatest value and best experiences for their customers. Galileo’s approach makes it a trusted partner, with innovative thinking and advanced data science and engineering capabilities to deliver on its promise of flexibility, security and scalability. Galileo is based in Salt Lake City, Utah.
“Galileo is appreciative to GOED for the support of our business” said Clay Wilkes, CEO of Galileo. “Galileo has a strong and proven track record as a leader in payments and fintech and we are excited about the future opportunities to expand our business within Utah.”
Galileo plans to create up to 300 jobs over the next seven years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $121,519,662, which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues as a result of corporate, payroll and sales taxes are estimated to be $12,049,265 over seven years.
Galileo may earn up to 20 percent of the new state taxes they will pay over the seven-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Galileo, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,409,853. Each year Galileo meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The Utah Legislature has authorized economic development incentives in the form of post-performance tax rebates. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.