Today, the Utah Governor’s Office of Economic Development (GOED) awarded Rincon Research Corporation, opens in a new tab, a post-performance tax reduction for its expansion in Draper, Utah. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
Economic Incentives and Job Projections
As part of the agreement, Rincon projects to add 125 new, high-paying jobs and invest $144,755,651 in Salt Lake County over the next 20 years.
“We strongly believe the aerospace and defense industry will continue to keep Utah’s economic outlook strong for generations,” said Jefferson Moss, commissioner of GOED. “Utah has an impressive talent pool to draw on in this sector. We’re proud to help align our state’s resources to support Rincon’s growing innovative needs.”
Company Overview
Rincon Research is a small, employee-owned company that provides advanced engineering, research, and technology system solutions for U.S. defense, intelligence, and space programs. Founded in 1983 and headquartered in Tucson, Arizona, the company has grown steadily over more than four decades across the defense and intelligence communities.
“As an employee-owned company, every investment we make is a long-term bet on our people,” said Diana LaFoley, president and CEO of Rincon Research Corporation. “Our growth has always been driven by our ability to attract and retain strong technical talent, and Utah’s universities and workforce give us a good base to build from.”
Workforce Development and Talent Pipeline
Rincon intends to leverage Utah’s talent pipeline of engineering, computer science, and STEM graduates to fill workforce roles in digital signal processing, RF sensing, satellite communications, artificial intelligence, and signal analysis. They also plan to develop university partnerships and engage in the Department of Defense’s SkillBridge program to support service members transitioning to civilian employment.
Tax Credit Projections
Tax Credit Projections
Timeline: 20 years
Jobs: 125
Wages: $612,580,259
New state tax revenue: $20,916,599
EDTIF new state tax credit: 27%
Learn more about the state’s post-performance EDTIF program.
