Incentives

Tooele County offers a variety of federal, state, and local incentives to help businesses start, expand, and succeed. Whether you’re a new startup, a relocating company, or an existing business looking to grow, Tooele County provides financial advantages, tax credits, and other resources to reduce costs and support long-term success.  

Businesses in Tooele County can take advantage of federal-level programs designed to encourage investment, job creation, and economic development. 

Opportunity Zones 

Tooele County has designated Opportunity Zones, which offer federal tax incentives for investments in economically targeted areas. Benefits include:  

  • Capital Gains Tax Deferrals – Investors can defer capital gains taxes if they reinvest in an Opportunity Zone.  
  • Reduced Tax Liabilities – Long-term investments (held for 5+ years) receive tax reductions on capital gains.  
  • Tax-Free Gains – Investments held for 10+ years can grow completely tax-free.  

 

Small Business Administration (SBA) Loans & Grants  

Businesses may qualify for low-interest SBA loans and federal grants, including:  

  • 7(a) Loan Program – Provides funding for working capital, expansion, and equipment purchases.  
  • 504 Loan Program – Supports real estate and long-term fixed assets investments.  
  • SBA Microloans – Up to $50,000 in funding for small businesses and startups.  

 

New Markets Tax Credit (NMTC)  

  • This program encourages private investment in low-income areas by offering tax credits for investors who fund business development projects in designated areas.  

 

Rural Business Development Grants (RBDG)  

  • Companies in eligible rural areas can apply for grants supporting business expansion, workforce training, and infrastructure improvements.  

Utah is consistently ranked as one of the best states for business, offering a variety of state-funded incentives to encourage economic growth and job creation.

 

Utah Economic Development Tax Increment Financing (EDTIF) 

  • A tax rebate of up to 30% over 20 years for businesses creating high-paying jobs.  
  • Available for expanding companies in Utah that bring new capital investment and employment opportunities.  

 

Utah Industrial Assistance Fund (IAF) 

  • Provides low-interest loans and grants for companies investing in Utah’s economy. 
  • Available for businesses that commit to creating new jobs and increasing wages. 

 

Utah Technology Innovation Funding (UTIF) Grants 

  • Supports high-tech startups and research-driven companies in Tooele County.  
  • Provides funding for product development and commercialization.  

 

Custom Fit Training Program 

  • Funds up to 50% of employee training costs through Tooele Technical College.  
  • Tailored training programs help businesses develop a skilled workforce.  

 

State Energy Incentives & Tax Credits 

  • Utah offers renewable energy tax credits and low-interest loans to businesses that invest in solar, wind, and energy-efficient infrastructure.  

Tooele County provides localized financial incentives to attract and support businesses.

Local Economic Development Tax Increment Financing (TIF) 

  • Provides tax reimbursement incentives for businesses that invest in infrastructure improvements, job creation, and commercial development.  
  • Eligible businesses receive a percentage of property tax increment rebates for projects within designated redevelopment areas.  

 

Property Tax & Permit Fee Reductions  

  • Businesses investing in industrial and commercial development may qualify for property tax abatements or reductions on building permits and impact fees.  
  • Available for new construction, expansions, and job creation projects.  

 

Small Business Loans & Support 

  • Tooele County partners with local banks and economic organizations to offer low-interest business loans and startup funding.  
  • Programs include microloans for new businesses and expansion loans for growing enterprises.  

 

Workforce Development & Hiring Incentives 

  • Wage reimbursement programs help offset the cost of hiring and training employees.  
  • The Custom Fit Training Program (in partnership with Tooele Technical College) provides subsidized training for workers.  

 

Enterprise Zones  

  • Businesses located in designated Enterprise Zones can receive state tax credits for: 
  • Investing in business equipment and facilities. 
  • Creating new jobs with competitive wages. 
  • Expanding into underdeveloped areas.  
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