Pluralsight laid off employees for the third time in eight months in July, despite having a contract with the state worth up to $21 million in tax credits for creating more than 2,000 jobs over 10 years.
One bad year doesn’t nullify a company’s contract with the state, but it can reduce their tax rebate.
The deals offered by the state are pass/fail each year, he explained: Companies that can’t prove net growth don’t get a tax credit for that year. “We want companies that either come to Utah or stay in Utah to be successful,” Grover said. “We don’t want to provide an incentive for a group that doesn’t have the means to do what they’re planning on doing.”
Yearly growth goals are laid out in the company’s application, Grover said, based on how much the company expects to grow over the duration of the contract. So, a company in a 10-year contract could forecast 100 new jobs total, split up by 10 per year. Economic development officials have three ways to measure growth; the first is state income tax withholdings. By checking the amount of money withheld from employees’ paychecks for state income taxes, they can determine whether that total grew over the last year.The state also measures any increased sales tax or corporate tax revenue generated by a company’s expansion.No. The state changed its parameters in 2022 based on geography and population.
So, Grover said, if a hypothetical business had 500 employees at the start of its contract, it has to have at least 550 employees by the end of the first year to qualify.
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