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Enterprise Zone/Urban Jobs
City of Stamford offers two types of tax incentives:
1. Property tax reduction
2. Corporate tax reduction
PROPERTY TAX REDUCTION
OFFICE TENANTS:
Example 1: Class "A" office space in enterprise zone.
A service business leased 3,018 square feet of space within a high
end office building in the enterprise zone. Its real estate tax
bill totals $10,403 or $3.45/sf. Because it applied and received
enterprise zone locational benefits, its tax bill was reduced to
$2,080 or $.69 cents per square foot.
CUSTOMER SERVICE, OFFICE, MANUFACTURING AND WAREHOUSING TENANTS:
Example 2: Mixed use building in enterprise zone.
The building houses multiple operations of a company including
some manufacturing, office space, customer service and warehousing.
The 124,800 square foot occupancy would normally generate a total
tax bill of $204,672 or $1.64/sf. Because of enterprise zone status,
the tax bill is reduced to $40,934 or $.33 cents per square foot.
INDUSTRIAL TENANTS:
Example 3: Industrial Firm in city enterprise zone.
An industrial firm located in the targeted south end neighborhood
leases 6,000 square feet of space and has a property tax bill on
its real estate totaling $6,240 or $1.04/s.f. Because it is an eligible
enterprise zone business, it is entitled to a 80% tax break that
lowers its tax bill to $1,248 or $.21 cents per foot.
This tax break applies to its equipment as well. Further, industrial/manufacturing
companies can obtain this tax discount outside the enterprise zone
on a discretionary basis.
CORPORATE TAX REDUCTION
Generally, eligible companies within the enterprise zone receive
an 80% property tax reduction for five years on both equipment and
real estate. Additionally, there is a corporate income tax break
of 25% for 10 years against state corporation taxes. For industrial
companies and in some cases, for service companies crossing specific
investment thresholds, these benefits can be extended to other locations
in the city upon sign off of both the city and the state economic
development offices.
Call Pyramid now for more information about Tax incentive programs
- (203) 348-8566 x 110
Download the PDF below to view eligibility map.
For more information about Stamford Incentive Programs please visit:
http://www.cityofstamford.org/EconomicDevelopment/default.html
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