A Targeted Investment Community is defined as a municipality with an Enterprise Zone designated under Conn. Gen. Stat. §32-70. A municipality may have only one Enterprise Zone. However, a Targeted Investment Community may, with approval of DECD and if certain conditions are met, designate other areas within the municipality as having the equivalent of Enterprise Zone level benefits. These designations include:
Entertainment District. Once a municipality has been designated as having an entertainment district, projects within the Targeted Investment Community that are eligible for Enterprise Zone benefits include but are not limited to facilities producing live or recorded multimedia, and any support business needed to support such projects.
Qualified Manufacturing Plant. A qualified manufacturing plant is a manufacturing plant having an area of at least 500,000 square feet outside ofanEnterpriseZone. TheTownofBristol and the City of New Britain are communities that have facilities with this designation.
Railroad Depot Zone. A Targeted Investment Community with an abandoned or underutilized railroad depot area, outside of the Enterprise Zone, may qualify as a Railroad Depot Zone. Arailroad depot is an area that abuts an active or inactive rail line and contains manufacturing or warehousing facilities that were originally dependent on railroad access to operate. East Hartford, Hamden, and Norwich contain Railroad Depot Zones.
In addition, the following are designated as having Enterprise Zone level benefits:
Businesses engaged in biotechnology, pharmaceutical or photonics research, development, or production, with not more than 300 employees, located in a municipality with a major research university with programs in biotechnology, pharmaceuticals, or photonics, and an Enterprise Zone, are entitled to Enterprise Zone level benefits.
Enterprise Corridor Zones. Enterprise Corridor Zones are located along Route 8 in the state’s Naugatuck Valley and Interstate 395 in the eastern region of the state.
The municipalities designated by the Commissioner of DECD as located within Enterprise Corridor
Contiguous Municipality Zone. The Town of Plainville contains Connecticut's only designated Contiguous Municipality Zone.
Defense Plant Zone. The Town of Stratford contains Connecticut's only Defense Plant Zone.
Manufacturing Plant Zone. The Town of Bloomfield contains Connecticut's only designated Manufacturing Plant Zone.
Enterprise Corridor Zone municipalities and those municipalities containing a Contiguous Municipality Zone, a Defense Plant Zone, or a Manufacturing Plant Zone are not considered to be Targeted Investment Communities.
No carryforward or carryback is allowed. How to Apply
A taxpayer may call DECD at 860-270-8143 and request the Urban Jobs/Enterprise Zone Program questionnaire.
Upon review of the completed questionnaire, a DECD staff representative will contact the taxpayer to explain the program and the formal application process.
If the formal application is approved, DECD will issue to the corporation Forms UT-4, Eligibility Certificate for Enterprise Zone Benefits, and UT-9, Claim for Corporate Business Tax Credit Under the Provisions of the Enterprise Zone Program.
Informational Publication 2006(15), Guide to Connecticut Business Tax Credits Issued: 04/24/07