Two companies to get Utah tax incentives to create jobs
Two companies received tax incentives from the Governor's Office of Economic Development Board on Thursday.
BioFire Diagnostics Inc., a Utah company that develops and manufacturers instruments to identify pathogens, will receive a tax credit worth up to $24.4 million over the next 20 years conditioned upon it creating up to 657 jobs.
The company, which is based in Salt Lake City and recently changed its name from Idaho Technology, plans to invest as much as $50 million in new capital to expand its operations over the next several years. It projects that expansion will generate up to $720 million in new wages and $97.7 million in new state revenue over the coming two decades.
The GOED Board also approved at tax credit of $337,577 for Vexxel Composites Inc., which intends to invest $4 million over the next five years to manufacture compressed natural gas tanks.
Vexxel will be able to receive the entire incentive provided that its expansion project results in the addition of 101 high-paying jobs to its operations in Box Elder County.
The Salt Lake Tribune