CONNECTICUT INCENTIVES SUMMARY

Enterprise Zones - Qualified Manufacturing Plant
Manufacturing and research companies planning new construction or expansion of manufacturing and research facilities involving manufacturing and warehouse distribution are eligible for a five-year, 80 percent abatement of local property taxes on real and personal property. Companies must be a new taxpayer in the municipality.

JobsCT Rebate Program
Companies may receive a grant equal to 25 percent of withholding tax from net new employees. Salaries must equal or exceed a minimum wage of $37,000, and be 85 percent of the median household income of the municipality where jobs will be located. Companies must create at least 25 new jobs. Grant-in-arrears payout is earned in years three through seven. Years eight and nine are discretionary.

Manufacturing Machinery and Equipment Tax Exemption
Machinery and equipment installed in a manufacturing or biotechnology facility is eligible for a five-year, 100 percent property tax exemption .

Real and Personal Property Tax Exemptions
New machinery and equipment that is eligible for five- to seven-year depreciation is eligible for 1 100 percent real and personal property exemption for five years.

Urban and Industrial Sites Reinvestment Tax Credit Program
Under the program, the state may provide up to $100 million in tax credits over a ten-year period to support projects that create significant jobs and capital investment in urban centers and other economically distressed areas in Connecticut. The total expenditure cap for the program is $200 million. The amount of credits offered to a company is contingent on an extensive due diligence process, which includes a comprehensive financial review and an economic impact analysis model. The commissioner must submit any requests for tax credits over $20 million to the legislature for their review.