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Salt Lake City – Overstock.com has announced it plans to by bring 333 IT jobs to Salt Lake County over the next 10 years. The jobs were previously contracted out of state. The company has signed an incentive agreement with the Governor’s Office Economic Development.
The total wages of the jobs, including medical benefits, are expected to be at least 200 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $300,843,588. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $11,406,215 over 10 years. The Overstock.com expansion has the potential to result in an expected capital investment of $2,650,645.
“Overstock.com has benefited enormously from being headquartered in Utah,” said company CEO Patrick Byrne. “The state’s strong economy and a workforce that is educated and tech-savvy have been key factors in our growing to a $1.5 billion company.”
As part of a contract with Overstock.com, the GOED Board of Directors has approved up to a maximum tax credit of $2,281,243 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Overstock.com will pay over the 10-year life of the agreement. Each year as Overstock.com meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.