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State kicks in $27M to keep Goldman Sachs in Utah

(Salt Lake Tribune) The state of Utah approved a $27.3 million incentive package Thursday for financial services firm Goldman Sachs, bringing the total amount the company stands to collect to $47.3 million.

The money, one of the larger incentive packages ever offered by the state, is in the form of a tax credit payable over the next 20 years.

The incentive money is based on the fact that the company has been expanding in Utah and plans to double its 500-member work force by the end of next year. The offer was approved by the Governor's Office of Economic Development board, made up of private-sector members of the business community.

Like other companies asking the state for taxpayer money, Goldman Sachs has told Utah officials that the firm might expand elsewhere if it wasn't given the incentive. Goldman Sachs, which was among a number of financial services firms that took billions in dollars in federal aid and repaid it, is one of the few banking companies in a position to expand.

Board members say that's one of the prime reasons they approved the deal, which is the third incentive for the company approved since 2001. "There's a risk they could expand elsewhere," said attorney Jerry Oldroyd.

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