The Governor’s Office of Economic Development announced the creation of a new online portal to simplify the application process for Enterprise Zone Tax Credits.
The tax credits incentivize investment and job creation by rural, non-retail small businesses in Utah.
“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, executive director of GOED. “These tax credits help businesses in rural Utah grow, hire additional employees and strengthen their local economies.”
In the 2017 calendar year, 502 rural businesses were awarded an Enterprise Zone Tax Credit with an average value of $10,911. The industries awarded the most Enterprise Zone Tax Credits for 2017 (in order of tax credit dollars awarded) include:
● Agricultural Forestry, Fishing and Hunting
● Real Estate Rental & Leasing
● Transportation & Warehousing
● Healthcare & Social Assistance
● Professional, Scientific & Technical Services
To be eligible, a business must be located within a designated Enterprise Zone Area. To see if your business is located within an Enterprise Zone Area, visit www.locate.utah.gov and select “Enterprise Zones” under the Economy tab. Once there, enter your business address and zip code. If your business comes up under a red watermark, it is located in an Enterprise Zone Area, and you are eligible to apply for the tax credit.
“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.”
For additional information on Enterprise Zone Tax Credit, talk to your certified public accountant or visit http://business.utah.gov/