SolarCity may earn up to 25 percent of the new state taxes they will pay over the 10-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with SolarCity, the GOED Board of Directors approved a post-performance tax credit rebate of $24,441,053.
In addition to the 10 year incentive, if the company generates a minimum of 4,500 jobs and meets additional criteria, SolarCity may earn an extension to the agreement for another five years. This could earn the company an incremental incentive increase of $20,411,880. Each year as SolarCity meets certain criteria, it will earn a portion of the total tax credit incentive. SolarCity may also earn a post-performance Industrial Assistance Fund relocation grant of up to $200,000 as it relocates management personnel.
SolarCity Opens New Corporate Office in Draper, Utah, SolarCity.com
SolarCity Powers Utah’s Economy With Up To 4,000 Jobs, Utah Governor’s Office
SolarCity Expands in Utah, Renews