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Committee reviews Ed TIF refundable credits as GOEO outlines recruitment and target industries
Summary
Legislative staff and the Governor's Office of Economic Opportunity explained how refundable economic development tax increment financing (Ed TIF) credits are awarded, who claims them, and how GOEO recruits companies across targeted industries and rural areas.
The committee heard a detailed review of Utah’s refundable economic development tax credits — commonly called Ed TIF — and how the Governor’s Office of Economic Opportunity (GOEO) recruits and certifies projects in targeted industries and in rural communities.
Chris Stitt, policy analyst with the Office of Legislative Research and General Counsel, told the Revenue and Taxation Interim Committee the committee must review tax credits every five years and evaluate each credit’s cost, purpose and effectiveness. He said the Ed TIF program actually consists of two credits: a corporate credit in Title 59, Chapter 7, and an individual credit in Title 59, Chapter 10, with similar mechanics but different target claimants.
Jim Grover, managing director of economic growth at the Utah Governor’s Office of Economic Opportunity, described how GOEO certifies applicants and calculates refunds. He told the…
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