Legislative Agenda Update
- Incentivize economic development in Connecticut’s low-income communities to address social and economic issues
- Provide affordable capital to non-profit organizations that serve Connecticut’s low-income communities by granting businesses a state income tax credit to incentivize private investment in needed projects
- Provide accessible quality goods and services, including childcare, education, healthcare, youth services and healthy foods
- Create quality jobs that provide living wages and benefits
- State tax credit not to exceed the lesser of 40% of expected qualified project expenses or $2,000,000
- Claimed over 7 years, 0% for years 1 & 2, 20% for years 3 – 7
A capital project undertaken by a non-profit organization that resides in and /or serves an eligible community
Population Census tracts where the poverty rate is at least 20% or the median family income is below 80% of the area median family income.
Investments will be made directly in eligible projects and provide a 7-year forgivable loan or be used to capitalize a loan fund to finance capital projects by offering term loans at a subsidized interest rate. Financial products will provide affordable capital to eligible projects greater than $250,000.