Plainville is a business-friendly community. The mill rate effective July 1, 2015 is 31.99. Click on the business link below to learn more about Plainville and what a wonderful place we are to live, work and play. The Economic Development Agency administers programs meant to foster sustainable growth in the small and large business sectors.
The Revolving Loan Program (link at left) allows the EDA to consider business loans up to $40,000 to help small businesses expand, or relocate to Plainville. The loan program can and has been used for a wide variety of business purposes. Borrowers have financed physical improvments for beautification and/or plant expansion, the purchase of machinery, equipment and supplies necessary for operations, the implementation of business expansion plans including funds to add employees, and increase sales territory, etc.
Tax Incentives (links at left) are offered in a variety of ways and are used primarily for larger construction projects and building additions. Tax Incentives 101: Since all tax incentives are regulated by the laws of the State of CT, Plainville cannot exceed what is legally permitted. The Town's policies were created to keep pace with offerings found in other municipalites in order to maintain a fair competive edge in our efforts to attract business.
- Local Tax Incentive Program - The EDA has developed a policy to review applications for tax incentives for most commercial constructions projects, regardless of type. A typical review might involve a request to abate 40% of the new tax aplied to new construction over 3 - 4 years. The extent of the percentage abated and the term are based solely on the EDA's review of the overall benefit the proposal brings to the community. Items such as job creation, beautification and the evenual full value of the tax generated by the facility are all considered. The local tax incentive program is available on a town-wide basis.
- State Tax Incentive Program - The State Department of Economic and Community Development administers tax incentive programs within the Contiguous Municipality (aka Enterprise Zone) and Bioscience Zones in Plainville. These zones receive preferential incentives for certian targeted forms of development. For instance, the Contiguous Municipality Zone targets manufacturers with tax abatements ranging as high as 80% over five years. The same is true in the Bioscience Zones. The link at the left has more information and maps to help you determine if your project is located in such a zone.