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, firstname.lastname@example.org or 860-446-5960.