Seymour and State of Connecticut Tax Incentive Programs

COMING SOON - NEW 2012 TOWN OF SEYMOUR TAX INCENTIVES FOR BUSINESSES TO INVEST, EXPAND AND REINVEST INTO SEYMOUR, CONNECTICUT 06483

The Town of Seymour offers two primary Tax Incentive Programs (TIP) for businesses with a NEW third incentive plan currently being developed:

1. Enterprise Corridor Zone (ECZ)
2. SMART PLAN
3. NEW 2011 Town of Seymour Proposed Tax Incentive Plan is currently being developed - for more information contact us at economicdevelopment@seymourct.org

Highlights of the Enterprise Corridor Zone (CT State Plan)

• http://www.ct.gov/ecd/cwp/view.asp?a=1099&Q=249766
• http://www.ct.gov/ecd/cwp/view.asp?a=1099&q=249764#Enterprise
• A 5-year, 80% abatement of local property taxes on all qualifying real and personal property that are new (note: existing real property which meets certification requirements is defined as new for the purpose of this program) to the Grand List of the City/Town as a result of the business expansion or renovation project.
• 10-year, 25% or 50% credit on that portion of the Connecticut Corporate Business Tax that is directly attributable to this business relocation, expansion or renovation project as determined by the Connecticut Department of Revenue Services and as provided under Section 12-217 (e) of the Connecticut General Statutes.
• In order to qualify for the 50% credit, at least 30% of the new employees must be residents of the Municipality in which the plant is located and eligible under the Federal Job Training Partnership Act (JTPA). The local Connecticut Department of Labor Job Service Office is the contact concerning the availability of JTPA eligible applicants.
• Up to $75,000 in employee training grant funds

Highlights of the SMART PLAN

• SMART  =  Seymour Manufacturers Assistance Retention/Recruitment Tax Plan
• SMART offers the following % tax abatement subject to the Town of Seymour Board of  Selectmen approval:
  • Three year tax abatement at a declining rate up to:
    • 60% in year 1
    • 40% in year 2
    • 30% in year 3

Highlights of some tax credits and incentives offered by the State of Connecticut

• http://www.ct.gov/ecd/cwp/view.asp?a=1097&q=438016&ecdNav=|
• http://www.ct.gov/ecd/cwp/view.asp?a=1097&q=437460&ecdNav=|

For more information on how these plans may fit your business needs contact the Seymour Economic Development Department at 203-463-3024 or 203-888-2511

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