The Town
Beacon Falls was incorporated in 1871. During the late 1800s and early 1900s, the town began to grow and thrive because of its industrial economic base. The Naugatuck River was a valuable resource, as its waters were harnessed for benefits in aiding industry.
The largest company in town during this period was the Beacon Falls Rubber Shoe Company - a sprawling complex along Main Street. The factory employed a large portion of residents and was even responsible for the construction of an entire neighborhood, providing housing for its workers. The Homer D. Bronson Company also set up shop in town in the early 1900s and was a manufacturer of hinges used in industry and homes throughout the world. These two firms promoted economic wellbeing for Beacon Falls' residents for years.
During the 1970s, the town's two major employers began to see a decrease in demand, and production dwindled. By the 1980s, both firms had left Beacon Falls. The town faced a precarious future and needed to reinvent itself to survive.
Over the next couple decades, a variety of retail, manufacturing, warehousing, construction, and service businesses revitalized the town, and a solid tax base returned. Beacon Falls is now poised to take advantage of global business markets. By welcoming like-minded visionaries and creative entrepreneurs, investors, and trendsetters, the town will continue to evolve successfully. A combination of proven history and steadfast commitment to business success makes Beacon Falls the place to be for your business. Contact us today.
Tax Incentives
Town of Beacon Falls Tax Incentive Ordinance
The Beacon Falls Tax Incentive Program attracts new commercial development to Beacon Falls and encourages existing businesses to expand by offering partial relief from local property tax burdens.
Specifically, the goals of the Program are:
- To provide a competitive advantage over neighboring towns;
- To increase tax revenue, allowing the Town to provide more services to residents;
- To more equally distribute tax burdens;
- To encourage new job creation; and
- To attract new businesses and expand existing businesses.
Applications to the Beacon Falls Tax Incentive Program will be accepted from any individual, group, or entity that pays or will pay real estate taxes in the town, provided:
- The total value of the investment new to the grand list is not less than $150,000;
- The project demonstrates a solid financial base and growth potential; and
- The applicant is not delinquent in any taxes, water and sewer charges, or any other charges to the Town of Beacon Falls.
The Board of Finance will recommend tax incentives as allowed by State statute after considering the following criteria:
- Demonstrated need for incentives;
- Potential for new job creation;
- Providing a product, need, or service to the local community;
- Appropriateness of the business to its proposed location;
- Possibility for the business to spawn other new businesses;
- Planned use by the business of other Beacon Falls vendors;
- Compatibility of the project with the environment and town resources;
- Contribution to the town’s infrastructure, including roads and utilities;
- Net gain provided to the town tax base; and
- Improvement or renovation to historic structures.
These criteria are not exclusive, and the members of the Board may consider other issues when appropriate to do so. Each application presents a unique set of circumstances, the applicant should make the Board so aware should those circumstances require the consideration of additional factors.
The amount of the incentives are as follows:
For capital improvements of $150,000 or greater:
Year |
Percentage of Property Tax Exempt |
1 |
50% |
2 |
30% |
3 |
10% |
For capital improvements of $300,000 or greater:
Year |
Percentage of Property Tax Exempt |
1 |
50% |
2 |
40% |
3 |
30% |
4 |
20% |
For capital improvements of $2,500,000 or greater:
Year |
Percentage of Property Tax Exempt |
1 |
50% |
2 |
40% |
3 |
30% |
4 |
20% |
5 |
10% |
Any of these packages must be approved by the legislative body of the Town of Beacon Falls in order to enable the Town and business to enter into a written agreement.
Enterprise Corridor Zone
The Town of Beacon Falls participates in the Naugatuck Valley Enterprise Corridor Zone Program that is run through the Connecticut Department of Economic and Community Development. The program offers tax incentives to firms in the industries listed below:
- Manufacturing
- Warehousing and distribution
- Certain service firms (contact Economic Development Coordinator for a complete list)
Projects eligible for the Enterprise Zone benefits must meet the following criteria:
- Substantial renovation of an existing facility involving capital expenditures of at least 50% of the assessed value of the facility prior to its renovation. All renovation activities must be permitted by the Town in order for their value to be recognized. The only costs that matter in meeting the 50% test are those costs that were incurred for work that required the use of a building permit.
- Construction of a new facility. The expanded portion of an existing facility is considered new construction.
- Acquisition of a facility by new owners after having been idle for at least one year prior to acquisition. Within the Enterprise Corridor Zone, the idleness requirement does not apply to companies with an average of five or fewer employees in the six months preceding acquisition of the facility, and is at least six months for businesses that have an average of between six and nineteen employees in the preceding six months. A one year idleness is required if there are more than nineteen employees involved.
The benefits associated with the program are as follows:
- A five-year, 80% abatement of local property taxes on qualifying real and person property, subject to the property being new to the grand list of the municipality as a direct result of a business expansion or renovation project, or in the case of an existing building, having met the vacancy requirement. The property tax abatement is for a full five-year period and takes effect with the start of the first full assessment year following the issuance of a Certificate of Eligibility from the Department of Economic and Community Development.
- A ten-year, 25% credit on that portion of the state’s corporation business tax that is directly attributable to a business expansion or renovation project as determined by the Connecticut Department of Revenue Services. The corporation tax credit is available for a full ten-year period and takes effect with the start of the business’ first full fiscal year following the issuance of a Certification of Eligibility from the Department of Economic and Community Development. The corporate tax credit increases to 50% if a minimum of 30% of the new full-time positions are filled by either zone residents or are residents of the municipality and are WIA eligible.
Recipients of the benefits of the program are not eligible to receive additional tax incentives from the Town of Beacon Falls. The granting of Enterprise Zone benefits is at the discretion of the State of Connecticut, and the Town of Beacon Falls has no regulatory authority over the process.
The Region
Education and Workforce
Because of Beacon Falls’ central location, it is surrounded by a ready and eager workforce. Nearly 200,000 students graduate each year from Connecticut’s 40 institutions of higher education. Accordingly, Beacon Falls’ residents are well-educated, with 31% holding a bachelor’s degree or higher, and technically-trained, which 16% of the town’s workforce employed in manufacturing. In particular, Naugatuck Valley Community College offers robust Associate’s Degree and certificate programs designed to cater to the workforce needs of the local business community.
Key Industries
Wholesale trade: A large portion of the town’s workforce is employed in wholesale trade, with large firms like NEF, Inc. calling Beacon Falls home. Easy access to interstate highways and abundant land zoned for industrial use are major reasons why wholesale trade is thriving in the community.
Construction: Construction is a significant industry in Beacon Falls, with 18.3% of the workforce being employed in this sector. DiGiorgi Roofing and Siding is the largest construction firm in town, and it remains here because of the technically-skilled workforce and central location within the state.
Manufacturing: Manufacturing employs 15.8% of Beacon Falls’ workforce and has historically been a very strong industry in town. A larger proportion of Beacon Falls residents are employed in manufacturing than in the state or surrounding towns. Companies like Goldenrod Corporation and Magna Steel are located in town because of its strong workforce and Enterprise Corridor Zone designation, which allows state tax incentives for manufacturing firms.
Transportation
Beacon Falls is midway between New York City and Boston. It is positioned along Route 8 close to Interstate 84 to the north and Interstate 95 to the south. The town is only one hour away from Bradley International Airport and 90 minutes away from New York City airports. The MetroNorth Railway stops in town, with service expansion planned for the next few years, and alternate truck routes are available.
For more information on the Naugatuck Valley Region, please see this Regional Profile:
Contact Us
Sadie Colcord
Economic Development Coordinator
(203) 217-4358
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