A business or developer that will add significant new economic activity, increase employment in a new facility and generate significant additional tax dollars to the municipality and state are eligible for tax credits from the state. Minimum investment of $5 million or $2 million if the project involves the preservation of a historic facility for mixed use that includes at least 4 housing units.
The Enterprise Zone is a business incentive program that was initially established to encourage development and re-use of rehabilitated industrial areas. Under this CT DECD program, qualified companies can receive a substantial local property tax reduction or state corporation business tax reduction if they expand or relocate their business to the South End and West Side neighborhoods of Stamford.
If a business wants the benefits provided by the Enterprise Zone program but cannot locate to an address within the zone they are still eligible for the same benefits under the Urban Jobs Program. Eligible projects include manufacturers, warehouse distributors, and certain designated service-related businesses.
Entertainment-related businesses may be offered additional benefits for beginning, relocating or expanding their business within the entertainment district of Stamford. Eligible businesses may include manufacturing, communications, wholesale, retail, and general services related to the entertainment industry.
Businesses planning to develop in brownfield locations are eligible for a variety of benefits, including negotiable low-interest, long-term loans, up to $4 million in grants, and a special fund for environmentally friendly dry cleaning businesses.