Norwich, New London and Groton included in governor’s Opportunity Zone plan
20 Apr 2018
Economic Development
Seven U.S. Census tracts from southeastern Connecticut — three each in New London and Norwich and one in Groton — will be included in Gov. Dannel P. Malloy’s plan to request federal Opportunity Zone status.
The Opportunity Zone program, created as part of the Tax Cuts and Jobs Act of 2017, provides a federal tax incentive for investors to re-invest unrealized capital gains into development projects in designated zones. In exchange for their investments, opportunity fund investors will be able to decrease their federal tax burden.
More Topics
Two U.S. fast-attack submarines that have the Nutmeg State to thank for their names are working together near the top of the world.
Los Angeles-class fast attack sub USS Hartford and Seawolf-class fast attack sub USS Connecticut both surfaced through the ice in the Arctic Circle on Friday, according...
Chelsea Groton Bank on Monday reported strong net income of $6.1 million last year, but missed its profit mark of more than $7 million largely because of a one-time tax event related to adjustments for new, lower rates going into effect this year.
The bank was assessed an extra $1 million tax...
Connecticut’s shellfish business has been experiencing a solid turnaround over the past few years — and a March 8 Food & Drug Administration announcement is raising hopes even higher.
“It would be a great opportunity for us to diversify into new markets,” said Jeff Northrop, founder of Hummock Island,...
