This State of Connecticut Department of Economic and Community Development monitored program provides tax incentives for manufactures and certain commercial sector businesses locating within the enterprise zone. Some of those incentives and benefits are: a five-year, 80% exemption of local property taxes on qualifying real and personal property. a ten-year, 25% credit on the State's corporate business tax for eligible businesses. an exemption from state real estate conveyance taxes. The Local New London Enterprise Zone program offers property owners undertaking improvements on commercial and residential structures a seven year graduated tax exemption of the increased taxes resulting from real property improvements. All new construction projects are considered as improvements under this program.
This special tax exemption program is available for significant capital improvement projects that create long-term, tax-based growth. This program may not be available for projects eligible for Enterprise Zone programs.
New London's Foreign Trade Zone a designated area adjacent to downtown which, for customs purposes, is considered outside the U.S. Nearly any imported merchandise can be brought into a Zone for almost any kind of manipulation, duty-free.
For additional information and applications for the following programs contact:
Elizabeth Nocera
Economic Development Coordinator
860-437-6309
Email
Felix Reyes
Director of Development and Planning
860-437-6392
Email
For information on the Foreign Trade Zone, please contact:
Tom Bombria
Community Development Coordinator
860-437-6346
Email