TOOELE COUNTY, Utah – (ABC4) – A new distribution company that is expanding to Salt Lake City, is eligible to receive up to 15% of the additional state taxes that it will pay to Utah, but only under certain circumstances.
Revman International Inc. will be opening a facility at the Lakeview Business Park in Grantsville, UT, bringing up to 70 new high-paying jobs over the next 10 years, a press release says. The company, which distributes popular bedding and bath products from companies such as Nautica, Eddie Bauer, and Vera Wang, is part of an economic development incentive run by the Utah Governor’s Office of Economic Opportunity.
In an effort to promote rural business development, the Utah Legislature has authorized economic development incentives to help companies like Revman Distribution expand to Salt Lake City, while bringing high-paying jobs to the community.
Revman is part of a Utah Legislature-authorized Rural Economic Development Tax Increment Finance tax credit.
The Rural Economic Development Tax Increment Finance provides post-performance tax credits to eligible companies, under certain conditions.
Eligible companies work alongside the Utah Governors Office of Economic Opportunity to outline specific criteria, including capital investment and new high-paying jobs, that must be met each year. For every year that Revman meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
This contract allows companies to receive a refund of up to 50% of the new state taxes they paid for up to 20 years. Since the contract is post-performance, Utah only offers the state tax credit only if the company meets its obligations.
Three months ago, the Utah Governor’s Office of Economic Opportunity helped a Utah-based bedding company, Malouf, expand their headquarters, adding 4,200 new high-paying jobs, through this very same process.
The company, which is headquartered in Logan, UT currently has three corporate offices and seven distribution centers.
