Bioscience Enterprise Corridor Zone

Bioscience Enterprise Corridor Zone Overview As part of its extensive Enterprise Zone programs, the State of Connecticut encourages the development of biotech  businesses and related properties in certain census tracts in areas along Interstate 84. Key Incentives for Businesses For qualifying manufacturers:  Companies involved in manufacturing, research associated with manufacturing and distribution warehousing (new construction/expansion only) may benefit from: a five-year 80% abatement of local property taxes on qualifying real estate and personal property (machinery and equipment)—the investment must be new to the municipality’s Grand List as a direct result of a business expansion and/or renovation, and other benefits as stipulated in the Connecticut General Statutes. For qualifying service companies:  Certain service companies may also be eligible for these benefits upon meeting State guidelines. Additionally, Connecticut provide lease guarantees or other financial aid for facilities, improvements and equipment, to benefit any eligible business which is unable to secure financing for such items on commercially reasonable terms. Statutory Reference Sec. 32-41s. and photonics businesses. Benefits. Regulations. Eligibility This zoning can benefit those Connecticut businesses that meet the following criteria: are willing to renovate an existing facility by investing at least 50% of its pre-acquisition value in the renovation, OR construct a new facility, OR expand an existing facility, OR acquire a facility that has been are engaged in bioscience*, biotechnology, pharmaceutical or photonics research, development or production have had no more than 300 employees at any time during the preceding 12 months; locate within specific census blocks in the following municipalities along Interstate 84: Britain, or Plainville. * Bioscience businesses are defined as those involved in the study of chemical and physical structures of living organisms. How to Apply Benefits offered through Connecticut Innovations vary from below; Please see the Connecticut Bioscience Innovation Fund . For businesses seeking tax incentives and other benefits: Across all cities and towns that are approved by the DECD to participate in the Enterprise Zone program: Step One Before starting any project, the business must first submit a formal request through the local economic development office of the municipality in order to obtain a Preliminary Questionnaire. If pre-qualified, the business would receive from the DECD a formal application and an invitation to apply. Step Two The business submits a complete application with required documentation to the DECD prior to October 1 of the year in which the project will be completed. If approved, DECD would issue a Certificate of Eligibility. Contacts To view the designated municipal Enterprise Zone coordinators for this zone type, please refer to the Contact section.