Incentives

Opportunity Zone

Groton contains one of Connecticut’s 72 Opportunity Zones, which are designated around historically underserved census tracts. 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. Investments are made through opportunity funds, which encourage investors to pool their resources and increases the scale of the investments.

Opportunity funds may invest equity into businesses, real estate, or infrastructure that are located mostly or fully within the Opportunity Zone. Real estate projects should either be new development or substantial renovation of an existing building and can include multi- and single-family housing, commercial, retail, industrial, and mixed-use developments.

Business investments can include any company willing to take equity investors either as control or non-control positions. Qualified businesses must operate within the Opportunity Zone (at least 70% of their operations) and derive most of their revenues from sales within the Opportunity Zone (at least 50% of their sales). Energy efficiency and renewable energy projects can also qualify and may derive their appreciation value from reliable long-term cash flow.

A detailed overview of the program is presented in the audio program 'Investing in Connecticut's Opportunity Zones'.

For more information, contact Paige Bronk, pbronk@groton-ct.gov or 860-446-5960.

Category: Incentives

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