Right to Work Utah Welcomes Greenfield Energy
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.â€
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.â€
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.