2011: $7.6 million
2012: $4 milion
2015: $62 million
2011: 25,000 SF
2012: 0 SF
2015: 85,000 SF
2011: Under the terms of the agreement, EMC also commits to an additional capital investment of approximately $4 million. The extension brings the potential post-performance tax credit incentive to $5,173,967. New state tax revenue over the same period is expected to be $20 million.
2012: Over the life of the agreement, the State expects to receive over $14 million in new State tax revenues. And, over 10 years, the State will offer a post-performance, single taxpayer incentive not to exceed $3,513,700. The incentive will be paid out as a tax credit after EMC has paid its corporate, wage and sales taxes.
2015: As part of the contract with EMC, the GOED Board of Directors has approved up to a maximum tax credit of $3,873,191 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 25 percent of the new state taxes EMC will pay over the 10-year life of the agreement. Each year as EMC meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
Utah's Governor's Office of Economic Development Announces New Jobs Expansion for EMC Corporation, Utah Governor's Office
Governor Announces 500 New Jobs at EMC Corporation, Utah Governor's Office
EMC to Expand its Utah Operations Again, Utah Governor's Office
Global "Cloud" Company EMC Corp to Hire 500 in Utah, Salt Lake Tribune