Overstock.com To Increase Salt Lake County, Utah, Employee Base
“Overstock.com’s decision to bring hundreds of IT jobs to Utah showcases the confidence the company has in Utah’s top-notch workforce,” said Governor Gary R. Herbert. “Utah is known as a software and IT hub thanks to the continued investment and growth of companies like Overstock.com.” 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. We look forward to hiring many more qualified IT professionals in Utah as we continue to grow and invest in this state.”
“Utah’s competitive tax structure, highly skilled workforce and unparalleled quality of life provide a premier foundation for success for quality companies such as Overstock.com,” said Jeff Edwards, President/CEO of Economic Development Corporation of Utah.
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 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.
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