If a municipality is contiguous to an Enterprise Zone in another municipality, it may apply to the DECD commissioner and the Enterprise Zone’s municipal government for Enterprise Zone benefits.
Key Incentives for Businesses
For qualifying manufacturers: Companies involved in manufacturing, research associated with manufacturing and distribution warehousing (new construction/expansion only) may benefit from:
- a five-year, 80% property tax abatement; and
- a 10-year, 25% business tax credit.
For qualifying service companies: Certain service companies may also be eligible for these benefits based on several sliding scales:
- If they invest $20-90 million: a five-year, 40% property tax abatement on real estate and/or equipment; OR
- if they invest more than $90 million: a five-year, 80% property tax abatement on real estate and/or equipment.
- If they create 300-599 jobs: a ten-year, 15% business tax credit;
- if they create 2,000+ jobs: a ten-year, 50% business tax credit.
Eligibility for Businesses
Since these programs are designed to encourage capital improvements to land and/or buildings, businesses must be prepared to either renovate an existing facility by investing at least 50% of its pre-acquisition value in the renovation, OR construct a new facility, OR expand an existing facility, OR acquire a facility that has been idle (minimum period of idleness depends on average number of employees).
How to Apply
- Before starting any project, the business must first submit a formal request — preferably through the local economic development office for the town.
- That application — along with any additional required documents — must be submitted to the Department of Economic and Community Development prior to October 1 of the year in which the project will be completed.
- If approved, DECD will issue a Certificate of Eligibility within a few weeks.
Plainville is currently designated as a Contiguous Municipality Zone. To learn more about the benefits this location can offer your business, please contact:
Director of Planning and Economic Development
Town of Plainville
One Central Square
Plainville, CT 06062
(860) 793-0221 ext. 210
Fax: (860) 793-2285