“The amount of jobs Lumio will bring to the state will have a big impact on our local economy,” said Dan Hemmert, the Office of Economic Opportunity’s executive director. “There is a big market for solar and home experience upgrades in Utah, and we wish Lumio success as they continue to grow and expand.”
Lumio is a leading technology company and instant top-five U.S. residential solar provider comprising four leading regional solar companies and multiple software platforms. Lumio’s collective strength lies in experience design, software, partnerships, supply chain, cooperative sales strategies, fulfillment, and best-in-class operations.
“We’re increasing demand for renewables and decentralized energy production, storage, and management, so it’s crucial that Lumio invests heavily in the tech and the people who will meet this demand,” said Greg Butterfield, CEO of Lumio. “We’re thrilled to partner with Go Utah to ensure the state is at the forefront of sincere sustainability.”
Butterfield also notes, “Our leadership team has built dozens of companies across the Wasatch Front, so we know from experience that Utah develops and attracts the best people anywhere.”
Lumio may receive up to 25% of the additional state taxes it will pay over the 20-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The Go Utah Board has approved a post-performance tax credit not to exceed $40,308,233. Each year that Lumio meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“While our involvement in this expansion project was limited, we welcome Lumio to Utah’s fast-growing tech industry,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “Our state is a productive base for any innovative company like Lumio.”
Timeline — 20 years. Capital investment — $120 million. Jobs — 3,697. Wages — $4,020,979,464. Projected new state tax revenue — $161,232,932. EDTIF new state taxes — 25%. EDTIF amount — $40,308,233.
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria. Once the office confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the new state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.
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