Economic Incentives & Tax Credits
High impact incentives for Connecticut manufacturers
Connecticut dedicates 4 cents on the dollar to their incentives but this accounts for $241 per capita. The state has a rather large 100 million dollar set of incentives dedicated to cash grants and loans. Agriculture and Manufacturing are the biggest beneficiaries. Total incentive dollars as of 2018 data were $860 million.
Manufacturing Focus
JobsCT Grant Program
A state-funded initiative that provides grants to businesses that create new jobs or retain existing jobs, with awards ranging from $10,000 to $500,000 based on the number of jobs created and the company's size (25 - 50% of withholding taxes).
Connecticut Manufacturing Innovation Fund Voucher Program (MVP)
This program provides funding to manufacturers to help them develop and implement new technologies and processes to improve their competitiveness.
Incumbent Workforce Training Program (IWT)
$50,000 provided on a matching basis to reimburse manufacturers for training costs incurred to upskill their employees.
Machinery and Equipment Expenditure Tax Credit
Tax credit for expenditures in machinery and equipment by corporations that have no more than 800 full-time, permanent employees in Connecticut.
Manufacturing and Biotech Sales and Use Tax Exemption
Full sales tax exemption on purchases of machinery used directly in the manufacturing or biotechnology process
Manufacturing Apprenticeship Tax Credit
This tax credit is designed to encourage the development of skilled workers through apprentice training programs in order to counter the current and projected shortage of skilled craftworkers in the Manufacturing Trades which exists in Connecticut.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts. Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.