Business Incentives

Business and Property Improvement Incentive Programs

Enterprise Zone Program

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.

For more details, contact Felix Reyes, Director of Development and Planning.

Enterprise Zone Map

Revolving Loan Fund Programs

1. Business Revolving Loan Fund. This program provides low interest loans for small and medium size businesses located within, or considering locating within the New London Enterprise Zone (EZ).

2. Commercial and Mixed Use Building Rehabilitation Program. This program provides financial assistance to owners of commercial properties located within the Enterprise Zone who plan substantial building renovations.

For more details, contact Rain Daugherty, Community & Economic Development Coordinator.

City and Town Development Act

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. For more details, contact Felix Reyes, Director of Development and Planning.

New London's Foreign Trade Zone 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 more details, contact Rain Daugherty, Community & Economic Development Coordinator.

Opportunity Zones

The opportunity is for investors with long-term capital gains to defer paying tax on those gains for a period of time while also investing in underserved communities that need capital.