New Milford’s Economic Incentives

New Milford offers attractive incentives for major commercial and industrial development projects, including substantial property tax abatements of up to 100 percent for five years.

These tax abatements are for the construction of real property improvements for specific primary uses permitted within the zoning districts of the Town of New Milford as follows:

• Properties located in any business or industrial district, for manufacturing, assembly, storage or distribution uses, technology, offices, medical or health, hotel, hospitality, recreational facilities or entertainment facilities, transportation facilities, assisted living, or residential nursing care pursuant to Town zoning regulations
• Properties located solely in the Village Center District, for retail, restaurant, permanent residential use, assisted living, residential nursing care, hotel, hospitality, recreational or entertainment facilities, transportation facilities, office, technology and medical uses, or mixed use
• Properties that are qualified brownfields as defined by Connecticut General Statutes § 32-760(2) as set forth in § 19-47
• Properties that meet the definition of a blighted property and has been designated blighted by the Blight Prevention Board pursuant to Chapter 10 of the Town of New Milford's Code of Ordinances
   

Fill out the New Milford Tax Abatement Application form for a Municipal Tax Abatement.

The Corporation for New Milford Economic Development offers grants to New Milford businesses and commercial property owners in the Town for façade improvements. Up to $2,500 in can be used for new doors, repainting, repair of walls and windows, installing cornices, awnings, and other exterior improvements to beautify the Town.

Small businesses in New Milford needing to improve their facades with lighting, signage, awnings, plantings, or furniture may apply for up to $2,500 in a combination of grant funds. Applicants must have a 20 percent investment in the total improvement project.

To get a customized proposal about your project, including estimates of financial programs, please contact New Milford Economic Development.

HEDCO is a certified Community Development Financial Institution, a U.S. Small Business Administration Microloan lender, and the Hartford Foundation for Public Giving’s Nonprofit Support Program administrator.

Small businesses can borrow up to $15,000 for equipment, remodeling, inventory, marketing, or other expenses with a low interest at 75 percent off of Wall Street Prime rate.

To get a customized proposal about your project, including estimates of financial programs, please contact New Milford Economic Development.

This credit is for angel investors with $25,000 or more cash investment in a qualified CT business. The credit equals 25% of the investor’s cash investment. Total credits cannot exceed $250,000 for any investor. The credit must be claimed in same the taxable year as the investment. Qualified businesses must apply and be approved to be eligible for credit.

The $200 million CT Bioscience Innovation Fund, administered by CT Innovations (CI), provides focused financial assistance to start-ups, early-stage businesses, nonprofits, and accredited colleges and universities. Investments from the fund, in the form of grants, equity investments and loans, help to commercialize bioscience breakthroughs.

The CT Office of Brownfield Remediation and Development designs a custom solution for each site. This may include financial aid, liability relief, technical support and project management, and comprehensive permitting assistance and inter-agency coordination.

COMMERCIAL & INDUSTRIAL PROPERTY ASSESSED CLEAN ENERGY (C-PACE) is an innovative financing model that will allow building owners across the state to access cleaner, cheaper and more reliable energy. C-PACE allows interested property owners to access financing to make qualifying energy efficiency and clean energy improvements on their buildings. They can repay the investment through an additional charge (”assessment”) on their property tax bill.

CONNECTICUT INNOVATIONS (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, especially in bioscience and high technology. One of the most active strategic venture capital organizations on the East Coast, CI also provides expertise in management, product development, marketing and governance.

CT GREEN BANK is the first of its kind in the U.S. It accelerates the deployment of clean energy by using limited public dollars to attract private capital investment in clean energy projects.

CTNEXT is Connecticut’s innovation ecosystem, equipping start-ups and entrepreneurs with resources, guidance and networks to accelerate growth and success.

A new law allows the Department of Economic Community Development (DECD) to enter into incentive agreements with qualified data centers for 20-30-year terms depending on size and location of the data center. This includes sales and use tax exemptions for goods and services purchased by the data center, property tax exemptions, and exemption from any future financial transactions taxes. To be eligible for the 20-year term, data centers must make a qualified investment in the site of $50 million if the site is in an opportunity zone or $200 million if it is not. For a 30-year term, the investment must be $200 million in an opportunity zone and $400 million elsewhere.

Eligible production companies can receive a tax credit on a sliding scale up to 30% on qualified digital media and motion picture production, pre-production and post-production expenses incurred in the state, up to $1 million or more.

This program accelerates high-quality private-sector job growth in Connecticut by allowing companies that locate or expand in distressed municipalities or opportunity zones to qualify for a 50% rebate based on the employees' income, while companies located in municipalities that do not have these designations can qualify for a 25% rebate. In order to qualify, a company must create at least 25 new jobs in a Grow CT focus industry with salaries being at least 85% of the median household income of the municipality where the jobs will be located.

DECD’s traditional loan tool offers direct financial assistance via low-interest loans for projects with strong economic development potential. Funding may be provided to any economic-based industry. The funds may be used for machinery and equipment, construction/leasehold improvements, inventory, relocation, training and other eligible project related costs.

We support the growth, innovation and progress of the advanced manufacturing sector through the $75 million MIF. The MIF invests in loans and grants for business, industry and competitive initiatives to support CT’s manufacturers.

Connecticut Innovators (CI) provides pre-seed financing to businesses for the development of proof of concepts and support services. Financial assistance shall not exceed $150,000 per business. An eligible business must: a) be principally located in CT with not less than 75% of its employees working in state; and b) demonstrate private investment dollars not less than 50 cents for every dollar of financial assistance sought from the program.

Connecticut Innovators (CI) can act as a conduit for a sales and use tax exemption for the company’s anticipated qualifying capital equipment and/or construction materials. This exemption relieves the company and/or the developer from the state’s 6.35% sales tax, up to the CI Board-approved amount. This procedure is subject to review and approval by the CI Board of Directors and CT Dept. of Revenue Services.

he Connecticut Small Business Boost Fund gives small business owners access to flexible funding for capital expenditures and working capital and connects them with support services. It’s a personal, equitable approach to lending, because business owners are more than just numbers on a spreadsheet.

Small businesses and nonprofits can borrow between $5,000 and $500,000 depending on eligibility and need, and can choose how they spend the money — on equipment, payroll, utilities & rent, supplies, marketing & advertising, eligible refinancing, building renovations and other expenses.

This program allows for a dollar-to-dollar corporate tax credit up to 100% of capital investment on eligible projects with a min. investment of $5 million in distressed communities and $50 million in all other communities. The credits can be used over 10 years (see below table). If the company is not in a position to take advantage of the earned credits, they can be carried forward for 5 consecutive years or be transferred to another corporate taxpayer to be used in the same year the credits were earned.

• Years 1–3: 0%
• Years 4–7: 10%
• Years 8–10: 20%