Utah Governor’s Office of Economic Development

Application Process

• Meet with GOED incentives team to complete and submit application by July 1, 2011; contact Zachary Derr at (801) 538-8746 or zderr@utah.gov to arrange meeting
• Incentives applications will be considered by the GOED Board’s Incentives Committee during July after which a preliminary decision is recommended to the full GOED Board
• The GOED Board will make a final decision on the incentives application by August 1, 2011
• GOED sends a Commitment Letter to the company detailing the incentives offer and performance milestones
• The company countersigns and returns the Commitment Letter to GOED
• Company enters into an agreement with GOED for tax credits
• GOED issues a tax certificate to the company on an annual basis after required documentation is approved by the office

State of Utah Life Science Incentive Application*
Refundable Tax Credit for Certain Business Entities Generating State Tax Revenue
Please respond to each point in a separate document using the same numbering system to correspond with your information.

1. Company Information
· Company Name, Mailing and Street Address
· Point of Contact for this Application, Telephone, Email Address and Fax number
· PR/Company Communications Contact, Telephone, Email Address and Fax number
· Federal tax ID number
· Utah State Tax Commission sales tax, corporate tax and payroll withholding tax account numbers
· Business Entity Type Claimed on Tax Return

2. Company Overview
· Briefly describe the history of the company, its products, services, and markets. Outline management strengths and experience

3. Project Information
· Please demonstrate how your product or project will generate new state revenue through expansion or new jobs (please see example of new state revenue calculation below) by filling out a Financial Impact Questionnaire spreadsheet
·  Provide letter of support for project from local municipality if the investment involves physical expansion of the business.  To find contact information for your local economic development professional please visit the following website: http://www.edcutah.org/documents/EDDirectory_010411.pdf or call Sherri Martell at (801) 328-8839 or email at smartell@edcutah.org
· If available, please include financial statements, profits & loss statements, and current balance sheet
· If available, please include trade/credit references
· Please include tax return information for last taxable year
·  Applications will be prioritized and awarded based on recommendations by an independent review committee and approval by the Governor’s Office of Economic Development (GOED) Board of Directors

Example of New State Revenue** Calculation:

In general when projecting new state revenue our office estimates that for the life of the project the wage withholding tax will remain 5%.  We then reduce this amount by 25% to reflect the average taxpayer refund

For sales tax we estimate that the State of Utah's portion of the total tax % charged is 4.7%

For corporate or partnership income tax we estimate that the State of Utah's portion is 5% of the income apportioned to the state

** “New State Revenue” means incremental new state tax revenues derived from the project or product above the existing Utah operations
*** The examples above are estimates only and subject to change without notice

4. Complete Forms
· Submit a signed document directing and authorizing the Utah State Tax Commission to disclose to GOED your tax returns and other confidential information that would otherwise be subject to confidentiality under UCA 59-1-403
· To have specific information about your company be kept confidential, please submit a GRAMA FORM, otherwise all information will become public if the application is approved by the GOED Board

5. Submit
Submit  ELECTRONIC copies of all application material to Zachary Derr at zderr@utah.gov

Downloads

• Request for Protected Records Status
• Authorization to disclose records
• FIQ Form