|
 |
The City of New
Bedford Tax Increment Financing Program is an incentive
program designed to encourage new development and job
creation in New Bedford. This program is administered as
the local component of the state’s Economic Development
Incentive Program, and is a partnership between the
state, the municipality, and an expanding company. The
Economic Development Incentive Program (EDIP) is a
flexibly and locally driven program that has become a
premier economic development tool for Massachusetts. The
EDIP is best described as a three-way partnership
between the state, the municipality, and an expanding
company.
In this program, participating companies receive
favorable state and local tax treatment in exchange for
job creation and commitments for private investment.
Under the EDIP, the City of New Bedford is an Economic
Target Area and utilizes this designation to address
blighted, distressed, and underutilized areas and sites.
A company that intends to locate or expand operations in
the city may submit a project proposal for certification
to the City of New Bedford Tax Increment Financing
Board.
To be considered for designation as a certified
project, the project proposal must provide for job
creation and new investment.
A certified project proposal must be either:
-
the
business's first facility within the Commonwealth;
or
-
a new
facility and not a replacement or relocation of an
existing facility already located in the
Commonwealth; or
-
an
expansion of an existing facility that will increase
the number of permanent full-time employees of the
controlling business in the Commonwealth.
In exchange for job creation and investment commitments, a
company’s certified project becomes eligible to receive state
and local tax benefits that include:
-
local
property tax exemptions pursuant to executed TIF or
STA agreements
-
100%
personal property tax exemption (for executed TIF
agreements only)
-
10%
abandoned building tax deduction (if applicable)
-
5%
enhanced investment tax credit (EOAC)
Certified
project proposals must comply with the eligibility
guidelines as established by the City of New Bedford Tax
Increment Financing Board. A full description of these
requirements is provided in the “TIF Program Policy and
Guidelines- City of New Bedford”.
Please contact the NBEDC Business Resource Team directly
to determine if other incentive programs are applicable
for your specific project.
|
