Enterprise Zone
Companies involved in manufacturing, research associated with manufacturing and distribution warehousing (new construction/expansion only) as well as certain service companies that develop properties in an Enterprise Zone or a zone that is eligible for Enterprise Zone-level benefits will receive:
- a five-year, 80% abatement of local property taxes on qualifying real estate and personal property (note: the company must be new to the municipality’s grand list as a direct result of a business expansion or renovation); and
- a 10-year, 25% credit on the portion of the corporate business tax that is directly attributable to a business expansion or renovation project, as determined by the Connecticut Department of Revenue Services. The credit may increase to 50% based on number of new jobs created.
Newly formed corporations located in a zone qualify for a 100% corporate tax credit for their first three taxable years and a 50% tax credit for the next seven taxable years.
Eligibility for Businesses
These programs are designed to encourage capital improvements to land and/or buildings. Businesses must be prepared to either:
- renovate an existing facility by investing at least 50% of the facility’s prior assessed value in the renovation; OR
- construct a new facility or expand an existing facility; OR
- acquire a facility that has been idle for a stated minimum timeframe
For more details, go to the Connecticut Department of Economic Development website. To apply for this program, contact Paige Bronk, pbronk@groton-ct.gov or 860-446-5960.
Paige Bronk
Economic and Community Development Manager
Town of Groton
134 Groton Long Point Road
Groton, CT 06340
Category: Incentives
More Incentives
This grant program is intended to help Connecticut supply chain companies with the adoption and integration of IoT solutions. The program will provide matching grants up to $20,000 for hardware, sensors, platforms, and related third-party integration services.
Opportunity Zones offer an incentive for development as capital gains taxes derived from qualified investments are deferred for up to ten years, depending on when the initial investment is made.