ANNOUNCEMENT 31 Dec 2010

In 2010 the state of Connecticut provided Urban and Industrial Site Reinvestment corporate tax credits to Starwood Hotel & Resorts Worldwide, Inc.

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 31 Dec 2010 | Removal date: open ended

Tax or social insurance relief

The state of Connecticut provides Urban and Industrial Site Reinvestment corporate tax credits of up to 100% for an investment, up to a maximum of $100 million, if the firm is locating in an urban area or on an industrial site. The minimum investment is $5 million in distressed communities; $2 million for a historic preservation facility redeveloped for mixed use; or $50 million in all other communities. The program caps total expenditures for this program at $200 million. The commissioner must submit any requests for credits over $20 million to the legislature for its review and approval.

One beneficiary of these tax credits was Starwood Hotel & Resorts Worldwide, Inc., which in 2010 received a $75,000,000 tax credit.

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
N/A