Connecticut strongly encourages large-scale business projects that expand or relocate here, creating jobs. A key incentive available to those types of projects is the First Five program, which includes financing through the Manufacturing Assistance Act (MAA), as well as through tax credits.
Eligible applicants. To qualify for the First Five program, your project must commit to:
- create not less than 200 jobs within 24 months from the date the application is approved; OR
- invest not less than $25 million and create not less than 200 new jobs not later than five years after the date an application is approved.
Priority considerations. The Commissioner of the Department of Economic and Community Development (DECD) may give preference to a redevelopment project if the Commissioner believes the project will create jobs sooner than either:
- 24 months from the date of application if the company creates not less than 200 jobs; OR
- within five years from the date of application if the investment is not less than $25 million.
The DECD Commissioner may waive existing statutory caps on the amount of tax credits and financial assistance received.
Terms & Conditions
To receive First Five funding, your project needs the Governor’s consent. Prior to the Governor’s approval, the DECD Commissioner must certify that you have satisfied all criteria in the program.
To expedite the approval process, eligible First Five Plus projects are exempt from current laws requiring legislative approval for financial assistance or tax credits above the present statutorily specified amounts required for approval.
For information on this program, contact DECD Deputy Commissioner Bart Kollen at (860) 500-2320 or email email@example.com.