| State: |
CT |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Investment Credits |
| Description: |
1. URBAN AND INDUSTRIAL SITE CREDIT PROGRAM: income tax credits for up to 100% for investments in eligible reinvestment projects or industrial site investment projects. Maximum amount of credit is $1,000,000.
2. EDP INCOME TAX CREDIT: Income tax credit equal to 100% of personal property tax on electronic data processing hardware, peripheral equipment and software. May also be applied against certain other excise taxes.
3. FINANCIAL INSTITUTION FACILITIES AND JOBS CREDIT: Income tax credit of as much as 50% for up to 10 years, with possible extension for 5 years.
4. CAPITAL INVESTMENT CREDIT: 5% income tax credit for fixed capital investment in tangible personal property.
5. MACHINERY AND EQUIPMENT TAX CREDIT: Income tax credit between 5-10% for increased investment in machinery and equipment.
6. Also See Enterprise Zones |
| Eligibility Requirements: |
1. Must be in an Enterprise Zone or one of 25 state- designated "distressed municipalities" ( 11 of which have enterprise zones) and must generate new economic activity and create new jobs. 10% of the tax credit may be taken over a 10 year period. Tax credits may also be carried forward 5 years. Unused portions of the tax credit may also be sold to other taxpayers as long as that portion is used in the same taxable year.
2. For purchase/lease of qualified electronic data processing equipment.
3. New facility must be at least 900k square feet and employ at least 1,200.
4. For purchased capital equipment held and used not less than 5 years.
5. Up to 800 employees, and limited to amount exceeding amount spent during the preceding year.
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| Geographic Restrictions: |
Statewide |
| Granting Authority: |
CT Development Authority |
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