Carbon County Press Release
Price, Utah— Intermountain Electronics (IE) is one of only three recipients in the state to receive the Governor’s Office of Economic Development (GOED) $100,000 Target Business Tax Credit (TBTC).
GOED accepts applications for the TBTC from businesses throughout rural Utah. They must then narrow all of the applications down to three businesses. In May 2017 IE Founder John Houston, Vice President Jeri Houston and CEO Phillip Blackburn worked with the Carbon County Economic Development Department to complete the application and in July were awarded the TBTC.
The purpose of the Targeted Business Tax Credit (TBTC) program is to encourage private investment and the creation of jobs in rural Utah counties with populations less than 25,000. According to GOED’s website, GOED may award up to $300,000 of “allocation caps,” with no more than $100,000 being allocated to one project), to businesses with eligible “Community Investment Projects” (CIP). Please note that the TBTC is a “post-performance refundable tax credit.”
IE is a local business investing in Carbon County for their headquarters while diversifying their business structure to accommodate the continually changing global market. They also provide career opportunities at a higher than average wage with benefits and contribute a significant amount to the local tax base.
Founder Houston said, “I knew years ago we needed to diversify our business and that has been our mission.” Houston continued, “IE started out as a small business and has grown because our team has worked diligently to do so. With this tax credit from the Governor’s office, we can grow even more, which will provide more career opportunities to our community.”
Blackburn explained, “I am excited to begin implementing this new program at IE in my hometown.”
VP Houston added, “Working with Carbon County has been very easy, I would recommend that other local businesses reach out to them with any of their visions or goals.” VP Houston continues, “Here at IE we want to continue supporting our local community, while selling our products and services internationally.”
Carbon County Administration works closely with GOED and would encourage local businesses to reach out to Economic Development Director, Tami Ursenbach for guidance to other programs similar to the TBTC.
For more information regarding programs for businesses, contact Ursenbach at tami.ursenbach@carbon.utah.gov or (435) 636-3294.