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• Population (2008): 3,501,252CONNECTICUT Fast Facts
• Largest Cities (2008): Bridgeport, 136,405; Hartford, 124,062; New Haven, 123,669; Stamford, 119,303;
Waterbury, 107,037
• Targeted Industries: Aerospace & Defense, Insurance & Financial Services, Bio-Pharma & Medical Devices,
Alternative Energy
• Key Incentives: Biotechnology Sales and Use Tax Refund, Film Production 10% Cash Rebate
• GDP (All Industry 2008): $216.2 billion*
*Bureau of Economic Analysis, U.S. Department of Commerce
The Urban and Industrial Site Tax Credit Program allows a dollar-for-dollar corporate tax credit of up to 100% of an investment up to a maximum of $100 million in Connecticut. There is 100% credit over 10 years for investments in eligible urban reinvestment projects or eligible industrial site investment projects. The Urban Jobs Program provides an 80% tax abatement on real property for five years, 80% tax abatement on personal property for five years, and 25% corporate tax credit for 10 years. The program's intent is to entice manufacturers already located in the targeted investment communities to reinvest in their communities and to attract new manufacturers and jobs to these municipalities. The R&D Tax Credit Program (for incremental and non-incremental expenditures) assists Connecticut businesses by providing a tax credit to those involved in R&D. Under the incremental expenditures provision, a credit may be applied against the Connecticut corporation business tax for the incremental increase in research and experimental expenditures conducted in Connecticut and 20% of the R&D expenditures in the current income year exceeding R&D expenditures of the prior taxable year. For non-incremental expenditures, a credit may be applied against the corporation business tax for R&D expenses incurred in the state. From 1% to 6% of R&D expenditures based on the amount of such expenditures and size of company; 20% of the R&D expenditures in the current income year exceeding R&D expenditures of the prior taxable year. The BioScience Facilities Fund is a $55 million fund administered by Connecticut Innovations, the state's venture capital organization; this fund can be used for the development of select laboratory space. Companies already in Connecticut, or those wishing to move to the state, may apply for this funding. Connecticut BioSeed Fund is another Connecticut Innovations program and was created to accelerate the growth of start-up biotech enterprises in the state with investments of up to $500,000. The BioSeed Fund provides seed capital to address the initial financial needs of young Connecticut companies, sustaining them until they are able to attract a lead institutional biotech investor.
CONNECTICUT State Incentives
Explore detailed community demographic information at ZoomProspector.com
2009 Business Facilities Rankings Report
Walgreens Creates Jobs for Disabled Workers
