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Show Snecial tax incentives Businesses in 15 rural Utah counties may be eligible for state income or Utah corporate franchise tax incentives if they have hired new full-time employees or have invested in plant, equipment, or other depreciable property. The Utah State Tax Commission says tax credits are available to manufacturing businesses operating within a state-designated enterprise zone. Counties that are now designated as enterprise zones are Beaver, Carbon, Car-bon, Duchesne, Emery, Garfield, Grand, Iron, Juab, Millard, Piute, San Juan, Sanpete, Uintah, Wasatch and Wayne. To be eligible for the credits, businesses must meet the following qualifications: 1. At least 51 percent of the employees working at the facilities within the enterprise zone must be, at the time of employment, residents of the enterprise zone; and, 2. The business must be located within the enterprise zone and be primarily engaged in manufacturing as defined in the law. State Tax Credits Businesses that qualify for enterprise enter-prise zone state tax credits are eligible eli-gible for: 1. A tax credit of $750 for each new, full-time (nonretail) position posi-tion filled for not less than six months during a given tax year. An additional $500 tax credit is given if the new position is in one of the special employee categories identified iden-tified in the county enterprise incentive incen-tive plan. 2. An investment tax credit of 10 percent of the first $10,000 in investment, 5 percent of the next $90,000 and 2 percent of the remaining qualifying investment in-vestment of plant, equipment, or other depreciable property. During the existence of an enterprise enter-prise zone, a business may claim the tax credit only once for each increase in-crease in the number of positions. Construction jobs are not eligible for the tax credit. Tax credits not claimed by a business on its state income tax return or corporate franchise tax return within five years are forfeited. All enterprise zone tax credits are nonrefundable. Questions concerning enterprise ; zone tax incentives should be directed to: Utah State Department of Community and Economic Development De-velopment 538-3033; Utah State Tax Commission 530-4848. If calling call-ing from outside the Salt Lake metropolitan area, call the Tax Commission toll free at 1-800-662- 4335. |
