ANNOUNCEMENT 31 Dec 2014
In 2014 the state of Connecticut provided Urban and Industrial Site Reinvestment corporate tax credits to office equipment manufacturer Pitney Bowes.
NUMBER OF INTERVENTIONS
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 office equipment manufacturer Pitney Bowes, which in 2014 received a $10,000,000 tax credit.