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Waterbury’s Enterprise Zone Program 

The Waterbury Development Corporation administers the City’s Enterprise Zone Program which offers tax abatements for qualifying projects undertaken by eligible applicants. Generally, a residential or commercial project includes new construction, a substantial renovation to an existing facility, construction of an addition to an existing facility, or in some cases, the addition of personal property that would be new to the City’s Grand List.  Qualifying projects could receive a tax abatement over 7 years, according to the following schedule on the increase in real property taxes, and for some projects, personal property taxes resulting from a certified project:

 Year    

   % of Abatement  
 
 
 
 
 
 
 

 1      

             100%

 2      

             100%

 3      

               50%

 4      

               40%

 5      

               30%

 6      

               20%

 7      

               10%

In addition, there is an exemption of the state portion of the conveyance tax that is imposed on the transfer of real property. Since there could be variations to the consideration of eligibility of a project depending on certain circumstances, interested parties are urged to contact the Waterbury Development Corporation at 203/346-2607 to discuss the specific parameters of a prospective project and the overall program requirements.

Certain industrial/manufacturing projects can qualify for tax incentives under this program; however, since there isn’t much industrially zoned property in Census Tract #3501, inquiring parties are urged to contact the Waterbury Development Corporation to discuss the appropriate benefits and requirements.