SALT LAKE CITY — The Governor’s Office of Economic Development announced Thursday that online retailer Overstock.com will grow its Utah employee base by bringing 333 jobs to Salt Lake County.
The information technology positions that previously had been contracted out of state will be brought back to Utah over the next decade.Comment on this story
The total wages, including medical benefits, are expected to be at least 200 percent of the county average wage. The projected new state wages over the life of the agreement are forecast to be about $300.8 million. Projected new state tax revenues are estimated to be $11.4 million over the 10-year period.
As part of the contract with Overstock.com, the GOED board of directors approved up to a maximum tax credit of $2.3 million in the form of a post-performance economic development tax increment finance incentive, which is 20 percent of the new state taxes the company will pay over the 10-year life of the agreement.
Each year as Overstock.com meets the requirements of the contract with the state, the company will earn a portion of the total tax credit incentive.