Greenfield Energy is adding a new location in Right to Work Uintah County, Utah in order to help remove oil from tar sands deposits. In order to accomplish this, the company is investing a total of $150 million toward the project. They also plan to create 214 new jobs. So this is exciting news for several reasons!
From Area Development Magazine:
“County and surrounding areas are exceptional deposits with tremendous potential. […] The support we’ve received in advancing this project has been outstanding, and we look forward to creating a stabilizing economic boost for the Uintah Basin that will last for decades.”
The Utah Governor’s Office of Economic Opportunity awarded the company a temporary, marginal tax reduction for its expansion in rural Utah. The post-performance corporate incentive is part of the Legislature’s Rural Economic Development Tax Increment Financing (REDTIF) program.
Greenfield Energy may receive up to 50% of the additional state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Financing (REDTIF) tax credit. Each year Greenfield Energy meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“While our involvement in this expansion project was limited, we welcome Greenfield Energy and Heavy Sweet Oil to Utah’s energy industry. […] These two companies are innovating the extraction process and moving the industry to more sustainable methods.”AREA DEVELOPMENT MAGAZINE
To read the previous Area Development update on Right to Work states, click here.
To read more updates on Right to Work states, click here.