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Railroad Depot Zone approved by the State of Connecticut, tax benefits available to businesses

On April 24, 2000 the Town of Hamden became only the third community to receive approval for a Railroad Depot Zone from the State of Connecticut. Under State Statutes the zone must be in an area where there is an abandoned rail line and where there is a need to create tax incentives for manufacturing-type companies.

The Railroad Depot Zone includes eligible uses on properties within the following boundaries; Treadwell St. (South), Wheeler St. (North), Dixwell Ave. (East), Regional Water Authority properties (West).

Eligible businesses in the zone would be eligible for the following benefits:

  • A five year, 80% abatement of local property taxes on qualifying real and personal property subject to the property being "new to the grand list" as a direct result of a business expansion or renovation project, or in the case of an existing building, having met the vacancy requirement. The abatement is for a full five year period and takes effect with the start of the first full assessment year following the issuance of a "Certificate of Eligibility."
  • A ten year, 25% credit on that portion of the state’s corporation business tax that is directly attributable to a business expansion or renovation project as determined by the CT Commissioner of Revenue Services. If the business is new to the state, the 25% credit is on all corporate tax liability. Takes effect with the start of the business’ first full year following the issuance of a "Certificate of Eligibility."
  • A $750 grant for each new, full time position that is created as a direct result f a business expansion or renovation project over a twenty-four month period. If at least 150 or 50% of the new full time employees are residents of the Enterprise Zone or are Job Training Partnership eligible residents from elsewhere in the municipality, the job grant increases to $2250 per position.
  • Newly formed corporations locating in the zone that have at least 375 employees with 40% being either zone residents or JTPA eligible residents of Hamden can be eligible for 100% corporate tax credit for 3 years and 50% tax credit for the next seven years. If the newly formed corporation has less than 375 employees with at least 150 being zone residents or JTPA eligible residents of Hamden, the same benefits apply.

Businesses may also be eligible for Town infrastructure grants. The town may offer infrastructure improvements for commercial, retail, office, manufacturing storage, warehousing and distribution developments that would significantly increase the town’s tax base or be of significant benefit to the town.

 

 
 

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Hamden Economic & Community Development
2750 Dixwell Ave., Hamden, CT, 06518
(203) 287-7030
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