Bradley Airport Development Zone
Tax incentives to airport-related firms utilizing the Airport for distribution, manufacturing and other specified businesses that develop or acquire property in the Zone and foster job growth
What's the value to me?
If you are an Bradley Airport-related company that is looking for tax incentives.
Description & Overview
The BADZ extends tax incentives to airport-related firms utilizing the Airport for distribution, manufacturing and other specified businesses that develop or acquire property in the Zone and foster job growth. Incentives are offered to eligible businesses located in East Granby, Windsor, Windsor Locks and Suffield.
The tax incentive apply to firms that create new jobs, attract new capital, increase tax revenue to the state and municipalities in the region.
Property Tax Incentives:
- Newly constructed, renovated, or expanded facilities qualify for an exemption based on the value of the improvement.
- The exemption equals 80 percent of improvement's assessed value and it is good for five years.
- Acquired facilities qualify for the same exemption, but it is based on the assessed value of the acquired section. This exemption is also good for five years.
- Businesses developing or acquiring a facility in the BADZ also qualify for a five-year, 80 percent exemption on assessed value of machinery and equipment it installs in the facility as part of its development or acquisition.
Corporation Business Tax Credits:
- Businesses that qualify for property tax exemptions also qualify for a 10-year corporation business tax credit equal to the portion of the tax attributable to the facility (the law specifies how businesses must calculate that amount.) The credit equals 25 percent of the tax.
Businesses qualify for BADZ's tax incentives if the organization(s) acquires an idle facility or constructs, substantially renovates or expands the facility and uses it for specified purposes
- Performing research and development directly related to manufacturing
- Significantly servicing, overhauling or rebuilding machinery and equipment for industrial uses
- Warehousing and motor freight distribution uses qualify for the incentives, but only if they handle goods shipped by air
- Business services, including information technology, also qualify for incentives if the Department of Economic and Community Development (DECD) commissioner determines they depend upon or relate directly to the airport