MetroCOG

Foreign Trade Zone
(FTZ) 76

Foreign Trade Zone 76, managed by the Bridgeport Port Authority, services all of Fairfield County, all of Litchfield County, and part of New Haven County. An FTZ is a secured, neutral area outside of U.S. customs territory. Items imported into an FTZ are exempt from duties and excise taxes. Merchandise may be manipulated, used in manufacturing, inspected, combined, displayed for sale, or re-exported without payment of duty. Customs duties and excise taxes are only applied on the final product if/when the product is imported into the U.S.

Opportunity Zones

Opportunity Zones provide substantial tax benefits to investors who move any realized capital gains into a qualified Opportunity Zone Fund within 180 days of the asset sale. In turn, these Opportunity Zone Funds may invest in qualifying businesses, real estate or infrastructure substantially located within a federally designated Opportunity Zone. Bridgeport has three designated Opportunity Zones.

Enterprise Zones

Connecticut was the first in the nation to offer a statewide program of benefits to help targeted investment communities. The City of Bridgeport has an Enterprise Zone to the north of Downtown, an old manufacturing area bordering the Pequonnock River.

Companies involved in manufacturing, research associated with manufacturing and distribution warehousing (new construction/expansion only) as well as certain non-manufacturing service companies that develop properties within this zone may receive:

A 5-year, 80% abatement

of local property taxes on qualifying real estate and personal property that is the direct result of a business expansion or renovation project.

A 10-year, 25% credit

on that portion of the corporate business tax directly attributable to a business expansion or renovation project as determined by the CT Department of Revenue Services. The credit may increase to 50% based on the number of new jobs created.