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The Royal Bank of Scotland (RBS), along with the Governor’s Office of Economic Development (GOED), announced that it will expand for the second time in Utah. Working with the State and Taylorsville City on the modification and expansion of the company’s current incentive, RBS has agreed to add 50 new positions to the previous agreement for the creation of 260 jobs.
“We are pleased to have RBS stay and expand in our state,” Gov. Gary R. Herbert said. “This is a true testament to our ‘best in the nation’ economy.”
The bank will expand its current workforce commitment from 260 employees to 310 over the fifteen-year agreement. All RBS positions will pay a minimum of 125 percent of Salt Lake County’s average yearly annual wage including benefits during the life of the agreement. RBS will pay more than $21.1 million in new state taxes and will invest more than $2.6 million in capital over the incentive’s lifetime.
“The continued growth of the financial industry cluster in Utah is good for the State, the workforce and our business community generally,” said Spencer Eccles, GOED executive director.
The GOED Board of Directors has approved a modified Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit of $5,275,124, or 25 percent of the new state tax revenue paid by the company during the expansion of RBS in Utah over the fifteen-year agreement.