Eligible industrial site investment project means a project located in Connecticut for the development or redevelopment of real property:
That has been subject to a spill, as defined in Conn. Gen. Stat. §22a-452c, is an establishment, as defined in Conn. Gen. Stat. §22a-134(3), as amended, or is a facility, as defined in 42 USC §9601(9);
That, if remediated, renovated, or demolished in accordance with applicable law and regulations and the standards of remediation of the Department of Environmental Protection and used for business purposes will add significant new economic activity and employment in the municipality in which the investment is to be made and will generate additional tax revenues to Connecticut;
For which the use of the urban and industrial site reinvestment program will be necessary to attract private investment to the project;
The business use of which would be economically viable and would generate direct and indirect economic benefits to Connecticut that exceed the amount of the investment during the period for which the tax credits are granted; and
That is, in the judgment of the Commissioner of DECD, consistent with the strategic economic development priorities of the state and the municipality.
Eligible urban reinvestment project means a project:
That would add significant new economic activity and new jobs in a new facility in the eligible municipality in which the project is located and will generate significant additional tax revenues to the state or the municipality;
For which the use of the urban and industrial site reinvestment program will be necessary to attract private investment to an eligible municipality;
That is economically viable;
For which the direct and indirect economic benefits to the state outweigh the costs of the project; and
Urban and Industrial Site Reinvestment Credit
A tax credit is available to be applied against various Connecticut business taxes for investments in eligible industrial site investment projects or eligible urban reinvestment projects. This credit is administered by the Department of Economic and Community Development (DECD).
The Commissioner of DECD may register managers of funds and community development entities created for the purpose of investing in eligible urban reinvestment projects and eligible industrial site investment projects. Any fund manager or community development entity will have its primary place of business in Connecticut. Any fund manager registered under Conn. Gen. Stat. §38a-88a (Insurance Reinvestment Fund Credit) on or before July 1, 2000, will be eligible to serve as a fund manager.
Investment means all amounts invested in an eligible project by or on behalf of a taxpayer whether directly, through a fund, or through a community development entity, including but not limited to equity investments made by the taxpayer and loans.
Project means the acquisition, leasing, demolition, remediation, construction, renovation, expansion or other development, or redevelopment of real property and improvements within Connecticut, including furniture, fixtures, equipment, associated interest and financing costs, relocation costs, start-up costs, architectural, engineering, legal and other professional services, plans, specifications, surveys, permits, and studies necessary to the project.
Informational Publication 2006(15), Guide to Connecticut Business Tax Credits Issued: 04/24/07