| State: |
CT |
| Incentive Type: |
Special Purpose Zone Incentives and Credits |
| Incentive Title: |
Enterprise Zone Credits |
| Description: |
ENTERPRISE ZONE PROGRAM: An enterprise zone is a designated area in a TARGETED INVESTMENT COMMUNITY. Local property tax abatement of 80% for five years, as well as a 10-year, 25% or 50% state income tax credit. Also may qualify for the fixing of assessments on all real property for seven years.
2. HARTFORD FINANCIAL SERVICES EXPORT ZONE: Exemptions for corporate income, insurance premium and sales and use taxes for certain banks, insurers and investment companies locating in the Zone that conduct business with non-US persons.
3. QUALIFIED MANUFACTURING PLANT: Any Targeted Investment Community may designate a vacant or underutilized manufacturing plant as eligible for full Enterprise Zone benefits.
4. RAILROAD DEPOT ZONE: Any Targeted Investment Community may designate an underutilized RR depot area as eligible for full Enterprise Zone benefits.
5. ENTERPRISE CORRIDOR ZONE: Local personal and real property tax abatement and business tax credits for eligible projects in Enterprise Corridor Zones.
6. OTHER ZONES: Towns of Plainville, Stratford and Bloomfield have designated special areas which qualify for full Enterprise Zone benefits with limitations.
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| Eligibility Requirements: |
1. To qualify for 50% tax credit, at least 30% of the new employees must be residents of the EZ or of the municipality in which the plan is located and eligible under the Federal Job Training Partnership Act.
2. Must meet the criteria for certain banks, insurers and investment companies.
3. Plant must have an area of at least 500,000 sq. ft. Currently only Bristol and New Britain have such designations.
4. Designated areas in East Hartford, Hamden and Norwich.
5. Zones located along Rt. 8 in lower Naugatuck Valley and I-395 in NE region of state.
6. Limited to towns of Plainville, Stratford and Bloomfield |
| Geographic Restrictions: |
Varies depending on Zone |
| Granting Authority: |
CT Department of Economic and Community Development |
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