Utah State Grants Financial Incentives To Firms Working On Autonomous Tech
Western US state, Utah has been granting financial incentives to institutions working on autonomous tech and other core technical projects in a quest to add more jobs and adopt this technology sooner. The Government officials of Utah also confirmed that it wants to be a part of the upcoming autonomous technology which is now turning into a global trend.
A state grant of $166,000 was given to a company named – Autonomous Solutions Inc. (ASI) to expand its operations and the Governor’s Office of Economic Development board also offered Parker Hannifin Corp., a potential $1 million tax-credit rebate to bring 77 jobs to Ogden.
The incentives terms include-
- ASI creating 135 new jobs over the next five years, positions paying 200% of the Cache County average. The jobs are expected to produce $26.6 million in new state wages and $3.3 million in new state taxes. The money will be used to pay for up to 20% road road improvements with a total projected cost of $833,000. GOED will release the funds once the jobs are in place.
- Parker Hannifin is required to add 77 positions over the next six years, jobs paying 110 percent of the Weber County average. Wages from these new jobs are forecast to add up to $17.8 million, with new state taxes pegged at $6.7 million. The company will qualify for portions of the rebate each year that preset employment goals are achieved.