River Bend Center: Incentives
The State of Connecticut and the City of Stamford offer a wide variety of tax incentives that encourage business investment at River Bend. Numerous tax credits, tax exemptions, and tax abatements are available at the state level, while the city offers property tax incentives based on certain levels of capital investment. River Bend enthusiastically works with prospective tenants to maximize these incentives.
Potential Business Development Incentives
Available to River Bend Tenants
1. Tax Credits
- Urban and Industrial Site Reinvestment Tax Credit
- Dollar-for-dollar corporate tax credit of up to 100% for an investment up to a maximum of $100 million in an urban area or an industrial project; minimum investment is $5 million in distressed communities and $50 million in all other communities.
- Job Expansion Tax Credit (JET)
- Connecticut businesses can be eligible for tax credits of $500 per month for each new full-time job created. The tax credit is increased to $900 per month if the new employee is receiving vocational rehabilitative services from the Bureau of Rehabilitative Services, receiving unemployment benefits, or is a veteran who, at the time of hiring, is a member of, was honorably discharged from, or released under honorable conditions from active service in the armed forces.
- Angel Investor Tax Credit
- A tax credit for angel investors with a cash investment of $25,000 or more in a qualified Connecticut business. The credit shall be equal to 25% of the investor's cash investment. Total tax credits allowed shall not exceed $250,000 for any angel investor. Qualified businesses must apply to Connecticut Innovations and be approved to be eligible for a tax credit.
- Film Production & Digital Media Tax Credit
- A tax credit equal to 30% of qualified digital media and motion picture production, pre-production and post-production expenses in the state that exceed $50,000.
2. Economic Development Zone Programs
- Enterprise Zone Program
- Qualifying corporations established within an enterprise zone can receive a 5-year, 80% real and personal property tax abatement and a 10-year, 25% up to 50% corporate business tax credit. There are a total of 17 municipalities with a designated enterprise zone.
3. Tax Exemptions
- Sales and Use Tax Exemption
- Sales and use tax relief on the purchase of tangible personal property for qualifying retention and expansion projects or projects that significantly contribute to a targeted industry cluster. The minimum investment in eligible property must equal $5 million.
- Municipal Property Tax Abatement
- Connecticut cities and towns can provide real and personal property tax abatements under C.G.S. 12-65b – 12-65h. 1