The Governor’s Office
of Economic Development on Thursday said it has approved tax incentives
for Boeing and two other companies that have promised to create a total
of 819 new jobs in Utah.
• Boeing will receive a $1.4 million
post-performance tax credit if it creates 104 manufacturing jobs at its
Salt Lake City plant over the next 20 years.
The jobs will pay
at least 125 percent of Salt Lake County’s average yearly wage. Wages
over the life of the incentive will exceed $146 million. Boeing will pay
close to $5.5 million in new state taxes over the period, GOED said.
In
March Boeing said it would assemble horizontal stabilizers for its
787-9 passenger jets in Utah. Boeing currently makes the stabilizers
overseas, and needs a second manufacturing location, GOED spokesman
Michael Sullivan said.
• Instructure, a Sandy-based education
software maker, will receive a $1.9 million post-performance tax credit
if it creates 655 new jobs in Utah over seven years.
Like Boeing,
Infrastructure will pay average annual wages that are 125 percent of
Salt Lake County’s yearly annual wage. The wages will total about $235
million.
Infrastructure will pay more than $9.4 million in sales taxes over the period.
•
Orbit Irrigation Products has agreed to move 60 jobs to Utah from Asia
to their North Salt Lake manufacturing site in the next decade. In
return, the Bountiful-based company will receive a $2.4 million tax
credit.
Wages over the lifetime of the agreement will total more
than $68 million. The employees will earn 125 percent of the average
Davis County annual yearly wage.
Orbit also will pay $22.2 million in new state taxes.
Article: http://www.sltrib.com