The City of Torrington and the Town of Winchester were designated in July of 2005 as an Enterprise Corridor Zone. This designation allows the municipality to provide incentive benefits for eligible business relocation/ expansion projects within the zone. The City of Torrington has identified certain areas zoned I - Industrial Zone and IP – Industrial Park Zone, that are suitable for Enterprise Corridor status.
Eligible businesses, including manufacturers, warehouse distributors, and certain designated service related businesses are eligible for the following benefits:
A 5-year, 80% abatement of local property taxes on all qualifying real and personal property that are new to the grand list of the City of Torrington as a direct result of a business relocation, expansion or renovation project.
A 10-year, 25% or 50% credit on that portion of the Connecticut Corporate Business Tax that is directly attributable to the business relocation, expansion or renovation project as determined by the Connecticut Department of Revenue Services and as provided under section 12-217(e) of the Connecticut General Statues.
The goal of the Zone is to expand the commercial/ industrial base and to help lower the tax burden on the business community by revitalizing once-productive industrial areas.
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